Using the following information, calculate cost of goods sold for the year ended December 31, 2020.

Merchandise inventory (January 1, 2020 .................................... $ 40,000
Kay Bondar, capital ........................................................................ 102,000
Kay Bondar, withdrawals ................................................................ 65,000
Sales ................................................................................................ 450,000
Sales returns and allowances ........................................................ 27,000
Purchases ....................................................................................... 180,000
Purchase discounts............................................................................ 1,400
Transportation-in ............................................................................ 14,000
Merchandise inventory (December 31, 2020 .............................. 22,000
Salaries expense ........................................................................... 120,000
Depreciation expense .................................................................... 31,000