To compute the cost of goods sold, we need to use the formula:
Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory
Using the given information, we can substitute the values into the formula:
Cost of Goods Sold = $45,000 + $320,000 - $35,000
Cost of Goods Sold = $365,000
Therefore, the cost of goods sold for Baker Industries is $365,000.