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