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

	Beginning Inventory (1/1)			Ending Inventory (12/31)
Raw Materials Inventory	$	40,000		$	30,000
Work in Process Inventory	$	35,000		$	??
Finished Goods Inventory	$	30,000		$	??

Additional information for the year is as follows:

Direct materials used	$	200,000
Direct labor	$	150,000
Manufacturing overhead applied	$	160,000
Cost of goods manufactured	$	525,000
Unadjusted cost of goods sold	$	544,000

What was the ending Finished Goods Inventory balance on 12/31?

$20,000

$11,000

$54,000

$50,000