The following information pertains to Deal Corp.'s 2004 cost of goods sold:

Inventory, 12/31/03 $90,000

2004 purchases 124,000

2004 write-off of obsolete inventory 34,000

Inventory, 12/31/04 30,000

The inventory written off became obsolete due to an unexpected and unusual technological advance by a competitor. In its 2004 income statement, what amount should Deal report as cost of goods sold?