9-17 Queen Sales, Inc. has just completed its first year of operations. The company has not had any sales to date. Queen has incurred the following costs associated with its production as of December 31, Year 1: Direct materials $45,000 Production labor 35,000 Bookkeeper salary 28,000 Factory utilities 18,500 Office rent 12,000 Factory supervisor salary 9,600 Machine maintenance contract 7,500 Under absorption costing, what is the inventory amount shown on the balance sheet at December 31, Year 1? a. $155,600 b. $115,600 c. $98,500 d. $80,000