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Compute the dollar amount of annapolis clothing finished

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Reference no: EM132640206

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           58,000
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 32,000
Net Income                                         30,000
Direct Materials used                            60,000
Cost of Goods Sold                               55,000

Problem 1: 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.)

Reference no: EM132640206

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