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?