4. Refer to Bellingham Incorporated's December 31, 2019 Balance Sheet shown below. Bellingham Incorporated Balance Sheet as of December 31, 2019 Assets Current Assets Cash $130,000 Inventory 80,000 Accounts Receivables 40,000 Total Current Assets $250,000 Non-current Assets Plant and Equipment (Net) 350,000 Patents (Net) 50,000 Total Assets $650,000 Liabilities Current Liabilities Accounts Payable $90,000 Notes Payable 110,000 Total Current Liabilities $200,000 Non-current Liabilities Debt 150,000 Owner's Equity Common Stock 220,000 Retained Earnings 80,000 Total Liabilities and Owner's Equity $650,000 Bellingham's inventory balance on December 31, 2018 was $70,000. They purchased $40,000 worth of inventory in 2019 and during the year there were no inventory related write-downs or losses. What was the cost of goods sold in 2019? $10,000 $20,000 $30,000 $40,000
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