The accounts of Meeks Company have the following balances for 2003: Purchases. (2.213 20th oes $260,000 Inventory, January 1, 2003 ...... 40,000 Furchase returnSis. © 25 eee 6 Galen 7,640 Purchase discounts............ 880 rel C Mitel Meese cee nts aoe see 12,400 Freight out (selling expense)... . 2,400 GaSe tte ified. Cine Os 4,000 The inventory count on December 31, 2003, is $48,000. Using the information given, compute the cost of goods sold for Meeks Company for 2003.