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

Sales revenues	$98,000
inventory of raw materials January 1, 2020	5,000
inventory of raw materials December 31, 2020	6,000
Purchases of raw materials during 2020	12,000
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	16,000
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.