The following information have been take from a manufacturing company for the year 2020:

Sales revenues	$74,000
inventory of raw materials; January 1, 2020	5,000
inventory of raw materials; December 31, 2020	6,000
inventory of work in progress; January 1, 2020	8,000
inventory of work in progress; December 31, 2020	7,000
inventory of finished goods; January 1 2020	6,000
inventory of finished goods; December 31, 2020	4,000
Sales returns	1,500
cost of goods produced	56,000
Trade discount allowed	2,500
Cash discount allowed	2,000
Salaries Expense	10,000

Required: Calculate cost of goods sold and gross profit for the year ended December 31, 2020.

(5 Marks)