What is cost of goods sold given the five transactions below? (Beginning balance inventory = 5,000). Your Company purchased $60,000 of inventory on account, terms 3/10, n30. Your Company purchased inventory under FOB shipping point. The shipping cost $500. Your Company returned $10,000 of the inventory before paying its bill. Your Company paid the amount owed in the first transaction on day 8. Your company sold all of its inventory for $65,000 on account, terms 2/10, n30. . $53,500 $54,000 $55,500 $55,000 $49,000