Cost of goods manufactured equals $55,000 for 2014. Finished goods inventory is $3,500 at the beginning of the year and $4,000 at the end of the year. Beginning and ending work in process for 2014 are $5,000 and $4,000, respectively. How much is cost of goods sold for the year?

a. $72,500

b. $69,000

c. $63,500

d. $70,500