Question - Keenan Company has a balance in inventory of $8000 at the beginning of the year. The following costs are incurred in January:
$20,000 of raw materials are purchased and used to build devices
$5,000 of rent for January is paid for equipment used in manufacturing
$1,500 of rent for January is paid for a copy machine in the marketing department
$50,000 of direct labor costs are incurred
What is the balance in the inventory account after just these transactions have been recorded?