Question: For the year ended December 31, 2007, the Ruby Company had a cost of goods sold of $975,000 and cost of goods manufactured of $900,000.

For the year ended December 31, 2007, the Ruby Company had a cost of goods sold of $975,000 and cost of goods manufactured of $900,000. If the January 1, 2007 balance in the Finished Goods Inventory account was $225,000, what was the December 31, 2007, balance in Finished Goods Inventory

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