Bowring Company Took the Following Data from Their Income Statement

Multiple Choice

Bowring Company took the following data from their income statement at the end of the current year.
$$\begin{array} { l r } \text { Per-unit product cost: } & \$ 30 \\\text { Gross margin percentage: } & 40 \% \\\text { Selling and admini strative expenses } & \$ 30,000 \\\text { Operating income } & \$ 10,000\end{array}$$
-Refer to the Figure.What was the cost of goods sold for the year?

A) $40,000
B) $50,000
C) $60,000
D) $100,000