Answer:
$43,000
Explanation:
The cost of goods sold refers to the direct expense incurred in producing goods sold by a company. The formula for calculating the cost of goods sold (COGS) is as follows
COGS=Beginning Inventory+Purchases −Ending Inventory. For a manufacturing firm, Purchases is replaced by manufactured goods.
In this case:
Beginning inventory is $22,000
Ending inventory is $ 34000
Cost of manufactured goods is $55,000
Therefore:
COGS = $22000+ $55000 -$34,000
COGS =$43,000
