(TCO 1) On December 31, 2015, XYZ Inc. has a balance in the Finished Goods Inventory account of $50,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $75,000. On December 31, 2015, the balance in the Work-in-Process inventory account is $25,000. On January 1,2015, the balance in the Work-in-Process inventory account is $10,000. Cost of goods manufactured is $160,000. How much is cost of goods sold?Please show all of your calculations. Be sure to cite any sources used for essay questions.