Quiz 1 Problem 2: During its first year of operations, Forrest Company paid $14,000 for direct materials and $18,000 for production workers' wages. Utilities on the production facilities amounted to $16,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $14.00 a unit. What is the amount of finished goods inventory on the balance sheet at year-end? Select one: a. $18,000 b. $19,000 c. $17,000 d. $19,200