Geneva Steel Corporation produces large sheets of heavy gauge steel. The company showed the following amounts...

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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 Direct labour cost for the year Work in process, beginning Finished goods, beginning $110,000 $55,000 $22,000 $45,000 $288,000 $238,000 $16,000 Cost of goods available for sale Cost of goods sold Work in process, ending What was the balance of the finished goods inventory at the end of the year? 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 Direct labour cost for the year Work in process, beginning Finished goods, beginning $110,000 $55,000 $22,000 $45,000 $288,000 $238,000 $16,000 Cost of goods available for sale Cost of goods sold Work in process, ending What was the balance of the finished goods inventory at the end of the year?

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