Reference no: EM131671346

Question - Clyde Company provided the following inventory information for June:

                                 June 1                June 30

Direct materials          17,000               15,000

Work in process          14,000               11,000

Finished goods            ?                         40,000

The following additional information was available for June:

Sales revenue ......................................  $102,000

Direct labor .......................................    18,000

Selling & administrative expenses ..................    30,000

Applied overhead ...................................    12,000

Net income .........................................    40,000

Direct materials purchased .........................    10,000

Actual overhead ....................................    17,000

Calculate Clyde Company's finished goods inventory balance at June 1. Do not use decimals in your answer.