Santos Inc. had the following information for the preceding year: Beginning Ending Inventory Inventory (1/1) (12/31) $ 49,000 $ 31,300 $ 38,000 $ ?? $ 30,500 $ ?? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $205,700 $157,200 $167,000 $527,000 $553,700 What was the ending Work in Process Inventory balance on 12/31? What was the ending Work in Process Inventory balance on 12/31? Multiple Choice $53,300 $64,700 $15,300 $40,900