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ACCT 221 Principles of Accounting Assignment - University of Maryland Global Campus, USA
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
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
Finished Goods Inventory - December 31
52,000
Net Income
Direct Materials used
Cost of Goods Sold
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.
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