Selected information concerning the operations of a company for the year ended December 31 is as follows:
Units produced ....... 20,000
Units sold .......... 18,000
Direct materials used ........ $80,000
Direct labor incurred ....... $40,000
Factory overhead ....... $74,000
Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was $9,650 (for 1,000 units). Cost of goods sold was $174,600. What was the company’s finished goods inventory cost at December 31?
a. $98,050
b. $29,100
c. $29,050
d. $40,600