The following information was obtained from the accounting records of Stevenson Incorporated: Direct materials purchased $80,000 Direct materials used $54,000 Direct manufacturing labor costs $12,000 Indirect manufacturing labor costs $11,000 Selling expenses $16,000 Administrative expenses $22,000 Factory utilities costs $20,000 Rental cost of factory machines $50,000 Work in process inventory, beginning 0 Work in process inventory, end 0 Finished goods inventory, beginning $10,000 Finished goods inventory, end $30,000 What is Cost of Goods Sold?