Q-3) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July;

Direct labor of TL257,000 and raw materials of TL350,300 was used.

• TL360,000 worth of raw materials was purchased.
• Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs.

At the end of July, sales totalled TL1,247,000 and gross profit was 40% of the sales. COGS available for sale equalled TL770,600. Calculate the balance of finished goods as of July 31st.