Cost of goods manufactured equals 80000 for 2017 Finished go

Cost of goods manufactured equals $80000 for 2017. Finished goods inventory is $1000 at the beginning of the year and $2500 at the end of the year. Beginning and ending work in process for 2017 are $2000 and $3000, respectively. How much is cost of goods sold for the year?

Solution

Cost of goods sold for the year = 80000+1000-2500= $78500