Annapolis Clothing Company manufactures quality boating attire. The

following selected financial information for the fiscal year 2018 is provided:

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.)

 ATTACHMENT PREVIEW Download attachment

2019-11-22_1101.png

Item
Amount
Sales
$200,000
Cost of Goods Manufactured
48,000
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
53,000
Net Income
30,000
Direct Materials used
60,000
Cost of Goods Sold
5

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