Question - The following information is available for Betty DeRose, Inc.:
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January 1, 2021
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December 31, 2021
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Accounts payable
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$65,000
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$50,000
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Inventory
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$82,000
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$74,000
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Betty DeRose reported $130,000 of cash paid to suppliers for purchases of inventory in its 2021 cash flow statement.
Calculate Betty's cost of goods sold for 2021.