At the beginning of the year, Swift, Inc.'s Work-in-Process Inventory account had a balance of $123,000. During the year, $250,000 of direct materials were used in production, and $71,000 of direct labor costs were incurred. Manufacturing overhead amounted to $829,000. The cost of goods manufactured was $670,000. What is the balance in the Work-in-Process Inventory account on December 31?

Your answer:
	$1,150,000
	$1,340,000
	$670,000
	$603,000