142 The following represent the materials transactions for a company for the month of December 20X6:
\begin{tabular}{lc}
& \( \$ 000 s \) \\
Materials purchases & 176 \\
Issued to production & 165 \\
Materials written off & 4 \\
Returned to stores & 9 \\
Returned to suppliers & 8
\end{tabular}
The material inventory at 1 December 20X6 was \$15,000.
What is the closing balance on the materials inventory account at 31 December 20X6?
A \( \$ 5,000 \)
B \( \$ 16,000 \)
C \( \$ 23,000 \)
D \( \$ 31,000 \)