QUESTION 46

1. Beginning inventory for Ted Company at January 1, 2019, under the periodic inventory system is $25,000. Other information includes: ending inventory (12/31/09) was $20,000; purchases during 2019 were $40,000; purchases returns and allowances for 2019 were $1,500; purchase discounts for 2019 were $500; and transportation-in was $500. Net sales for 2019 were $80,000, and cash dividends declared and paid on common stock in 2019 were $1,000. The cost of goods sold for Ted Company is

   	A.	$42,000.
   	B.	$44,500.
   	C.	$44,000.
   	D.	None of the above.
   	E.	$43,500.