Question
Question 3(7 points) Annapolis Clothing Company manufactures quality boating attire.The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000
Question 3(7 points)
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
54,000
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
60,000
Net Income
30,000
Direct Materials used
60,000
Cost of Goods Sold
53,000
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.)
Your Answer:
Question 3 options:
Answer
Question 4(7 points)
During FY 2018 Bay Manufacturing had total manufacturing costs are $430,000. Their cost of goods manufactured for the year was $421,000.The January 1, 2019 balance of Work-in-Process Inventory is $42,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)
Your Answer:
Question 4 options:
Answer
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