Question: A company uses a perpetual inventory system, and follows GAAP in preparing its external financial statements. At the end of 2022, the balance in the inventory account was $66,000; $6,000 of those goods were purchased f.o.b. shipping point and did not arrive until 2023. Purchases in 2023 were $30,000. The perpetual inventory showed an ending inventory of $72,000 for 2023. A physical count of the goods on hand at the end of 2023 showed an inventory of $60,000. What should the company report on its 2023 income statement for cost of goods sold?