Problem: 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
|
50,000
|
|
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
|
52,000
|
|
Net Income
|
30,000
|
|
Direct Materials used
|
60,000
|
|
Cost of Goods Sold
|
52,000
|
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.
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