Reference no: EM132991494

Problem - Geneva Steel Corporation produces large sheets of heavy gauge steel. The company showed the following amounts relating to its production for the year just completed:

Direct materials used in production $110,000

Direct labour costs for the year $55,000

Work in process, beginning $22,000

Finished goods, beginning $45,000

Cost of goods available for sale $288,000

Cost of goods sold $238,000

Work in process, ending $16,000

Required - What was the balance of the finished goods inventory at the end of the year?