Using the following data for a recent period, calculate the beginning finished goods inventory:

	Sales..........................................................	$40,000
	Beginning finished goods inventory.........	?
	Cost of goods manufactured.....................	$16,000
	Ending finished goods inventory..............	$5,000
	Cost of goods sold....................................	?
	Gross margin.............................................	$17,000
	Administrative and selling expenses.........	?
	Net operating income................................	$10,000

The beginning finished goods inventory was:

	a.	$24,000
	b.	$23,000
	c.	$7,000
	d.	12,000