Question - At 1 July 2010, Epsilon Pty Ltd had 100 items of inventory which had cost $50 each. During the year ended 30 June 2011, it purchased 1500 items at a cost of $50 each. Of these, 200 were returned to the supplier as they were damaged. During the year, 1200 items were sold for $80 each, but 50 were returned by customers. Overhead expenses during the year amounted to $15 000.
What was Epsilon Pty Ltd's cost of goods sold for the year?