Question
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000 Cost of
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided:
Item | Amount |
Sales | $200,000 |
Cost of Goods Manufactured | 41,000 |
Direct Material Purchased | 80,000 |
Factory Overhead | 20,000 |
Work in Process - January 1 | 60,000 |
Work in Process - December 31 | 30,000 |
Direct Material - December 31 | 20,000 |
Finished Goods Inventory - December 31 | 54,000 |
Net Income | 30,000 |
Direct Materials used | 60,000 |
Cost of Goods Sold | 69,000 |
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)
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