Santos Inc. had the following information for the preceding year:
|
Beginning Inventory (1/1) |
Ending Inventory (12/31) |
|
|
Raw Materials Inventory |
$40,000 |
$30,000 |
|
Work in Process Inventory |
$35,000 |
$?? |
|
Finished Goods Inventory |
$30,000 |
$?? |
Additional information for the year is as follows:
|
Direct materials used |
$200,000 |
|
Direct labor |
$150,000 |
|
Manufacturing overhead applied |
$160,000 |
|
Cost of goods manufactured |
$525,000 |
|
Unadjusted cost of goods sold |
$544,000 |
What was the ending Finished Goods Inventory balance on 12/31?
a) $20,000
b) $11,000
c) $54,000
d) $50,000
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