Winner Company's Beginning and Ending Inventories for the Fiscal Year

Winner Company's beginning and ending inventories for the fiscal year ended September 30, Year 5, are
$\begin{array}{lll}&\text { October 1, Year } 4&\text { September 30. Year } 5\\\text { Raw materials } & \$ 15,000 & \$ 22,000 \\\text { Work-in-process } & 40,000 & 35,000 \\\text { Finished goods } & 8,000 & 12,000\end{array}$

$\text { Production data for the fiscal year ended September } 30 \text {, Year } 5 \text {, are }$

$\begin{array}{ll}\text { Raw materials purchased } & \$ 80,000 \\\text { Purchase discounts } & 1,000 \\\text { Direct labor } & 100,000 \\\text { Manufacturing overhead } & 75,000\end{array}$ Assume Winner Company treats all raw materials as direct materials once they enter the production process.Thus, no raw materials are treated as manufacturing overhead.
(CMA adapted, Dec 95 #29) Refer to the Winner Company example.The total value of inventory to be reported on the balance sheet as of September 30, Year 5, for Winner Company is

A) $22,000
B) $35,000
C) $12,000
D) $69,000
E) $96,000