Poster Artist Ltd, a Retail Store Selling Classic and Rare

Poster Artist Ltd, a retail store selling classic and rare marketing materials, has just completed its master budget for the next fiscal year. Ending inventory is budgeted at 20% of cost of goods available for sale. Selected data from that process appear in the table below: $$\begin{array} { l l } \text { Begirring irventory } & \$ 20,000 \\\text { Budgeted purchases } & 50,000 \\\text { Expected reverue } & 150,000 \\\text { Irflows of cash } & 120,000 \\\text { Support departments costs } & 30,000 \\\text { Total cash outflows } & 80,000\end{array}$$ Poster Artist Ltd's budgeted cost of goods sold for the next fiscal year will be:

A) $56,000
B) $64,000
C) $70,000
D) $28,000