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