ABC Company is a manufacturing firm. At the beginning of July, ABC had a total inventory balance of $27,000. During the month of July. ABC had the following transactions. Purchased raw materials costing $8,000 Paid office staff salaries of $1,000 Paid production staff salaries of $10,000 Purchased office equipment costing $10,000 Purchased production equipment costing $31,000 Recognized $2,000 depreciation on the office equipment Recognized $6,000 depreciation on the production equipment Sold $16,000 worth of finished goods for $65,000 cash Assume all transactions, except depreciation, are for cash. What is the total inventory balance at the end of July? $35,000 $38,000 $51,000 $66,000