AC Company manufactures quality water attire. The following selected financial information for the fiscal

year 2018 is provided:

Item

Amount

Sales

$200,000

Cost of Goods Manufactured

44,000

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

53,000

What is the dollar amount of ACs Finished Goods Inventory for January 1, 2018?

 

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