Midwest Corp. obtained the following information from its accounting records: Sales $70,000 Beginning Finished Goods Inventory $42,000 Ending Finished Goods Inventory $46,000 Cost of Goods Sold $40,000 Ending Work-in-Process Inventory $30,000 Calculate the Cost of Goods Manufactured for the period. Solution Cost of Goods Sold =Beginning Inventory + Inventory Purchases/Manufactured .