Assume you are starting a new business involving the manufacture and sale of a new product. Raw materials costs are $50 per product. Direct labor costs are expected to be $20 per product. You expect to sell each product for $100. You plan to produce 120 products and expect to sell 100 products in Month 1. During Month 2, you plan to produce 150 products but expect to sell 120 products. Find the ending balance of finished goods for Month 2. $3,500 $7,000 $7,700 $8,400