Data from Smallwood Company for the year ended December 31 follows:
Sales $800,000
Cost of goods Manufactured $550,000
Finished Goods, Dec 31 $100,000
Gross Profit $300,000

What hat is the beginning balance of Smallwood's finished goods inventory as of January 1?
A) $100,000
B) $50,000
C) $500,000
D) $250,000