Question
Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided: Item Amount Sales $100,000 Cost of Goods
Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided:
Item | Amount |
Sales | $100,000 |
Cost of Goods Manufactured | 75,000 |
Direct Material Purchased | 30,000 |
Factory Overhead | 10,000 |
Work in Process - January 1 | 30,000 |
Work in Process - December 31 | 15,000 |
Direct Material - December 31 | 10,000 |
Finished Goods Inventory - December 31 | 60,000 |
Net Income | 15,000 |
Direct Materials used | 30,000 |
Cost of Goods Sold | 55,000 |
Use this information to determine the dollar amount of Bravo's Direct Material Inventory for January 1, 2016. (Round dollar values & enter as whole dollars only.)
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