Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $48,000 in inventory. During the quarter the company purchases $10,600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold?

$23,100

$23,600

$21,720

$12,500