Elk Industries uses Job Order costing system and applies manufacturing overhead to jobs based on Machine hours. For 2019, budgeted manufacturing overhead was $800,000, and th budgeted Machine hours was 40,000 hours. Actual results for 2019 shows that actual machin hours totaled 41,500 Machine Hours, and actual Manufacturing overhead was $812,000. The company policy is to prorate over or underapplied overhead between Work in process, finished Goods and Cost of Goods Sold,. Following end-of-year balances for the three accounts: Work-in-process $50,000; Finished goods $250,000; Cost of goods sold 1,700,000. On the basis of this information, what will be the balance of Elk's finished goods inventory that will be reported in the balance sheet? (show your calculations in the provided space)