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Managerial Accounting

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Solve for Ending Balance in Finished Goods Inventory Cost Flows

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Your client shows the following activity for the recent period:

Ending Balances in Selected Accounts:
Sales revenue \$45,500
Beginning Finished Goods Inventory \$2,500
Cost of Goods Sold \$32,500
Cost of Goods Manufactured \$35,000
Units produced during period 10,000

What is the ending balance in Finished Goods Inventory for this period?