During its first year of operations, Silverman Company paid $10,385 for direct materials and $11,400 for production workers' wages. Lease payments and utilities on the production facilities amounted to $10,400 while general, selling, and administrative expenses totaled $3,100. The company produced 7,850 units and sold 4,900 units at a price of $6.60 a unit.

What is the amount of finished goods inventory on the balance sheet at year-end?

Multiple Choice

• $2,950
• $6,048
• $12,095
• $12,250