Reference no: EM132598504
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 Goods Manufactured 55,000
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 43,000
Net Income 30,000
Direct Materials used 60,000
Cost of Goods Sold 65,000
Use this information to calculate the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.
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