Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $34,000 in inventory. During the quarter the company purchases $8,500 of new inventory from a vendor, returned $1,100 of inventory to the vendor, and took advantage of discounts from the vendor of $240. At the end of the quarter the balance in inventory is $28,500. What is the cost of goods sold?

$14,000

$5,500

$12,660

$14,500