Cost of goods manufactured equals $55,000 for 2011. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2011 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?

Select one:

a. $51,500

b. $58,500

c. $53,000

d. $57,500