Mendez Inc. had the following information for the preceding year:

	Beginning Inventory (1/1)			Ending Inventory (12/31)
Work in Process Inventory	$	??		$	50,000
Finished Goods Inventory	$	??		$	45,000

Additional information for the year is as follows:

Direct materials used	$	275,000
Direct labor	$	225,000
Manufacturing overhead applied	$	235,000
Cost of goods manufactured	$	600,000
Unadjusted cost of goods sold	$	619,000

What was the beginning Finished Goods Inventory balance on 1/1?

Multiple Choice

• $84,000

• $80,000

• $65,000

• $64,000