Answer :
The cost of goods sold is $37,000.
A periodic inventory system is a form of inventory valuation in which inventory accounts are updated at the end of the accounting period rather than after each sale or purchase. The cost of goods sold is the total amount paid by a company for expenses directly related to the sale of its products.
Some businesses may include direct labor associated with manufacturing or selling products raw materials packaging and merchandise purchased for resale. Adjusts the cost of crafted or purchased items as your inventory changes. For example, if 500 units were manufactured or purchased but the inventory was increased by 50 units the cost of 450 units would be the manufacturing cost of the goods sold.
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