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 B124 THE-Final (V1) Page 4 of 5 Fall 2020/2021 Trade discount allowed Cash discount allowed Salaries Expense 2,500 2,000 10,000 Required: Calculate cost of goods sold and gross profit for the year ended December 31, 2020