Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $32,000, and its ending inventory on December 31 was understated by $16,400. In addition, a purchase of merchandise costing $20,600 was incorrectly recorded as a $2,060 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: