ABC Company is a manufacturing firm. At the beginning of July, ABC had a total inventory balance of $48,000. During the month of July, ABC had the following transactions. Purchased raw materials costing $6,000 Paid office staff salaries of $1,000 Paid production staff salaries of $3,000 Purchased office equipment costing $37,000 Purchased production equipment costing $21,000 Recognized $5,000 depreciation on the office equipment Recognized $2,000 depreciation on the production equipment Sold $25,000 worth of finished goods for $72,000 cash Assume all transactions, except depreciation, are for cash. What is the total inventory balance at the end of July?