Reference no: EM133166435
Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files:
Cost of goods sold$ 83,750
Work in process inventory, January 1, 2021 $20,000
Work in process inventory, December 31, 2021 $15,750
Selling and Administrative Expenses $18,000
Net Income $32,500
Factory overhead $20,750
Direct materials inventory, January 1, 2021 $27,000
Direct materials inventory, December 31, 2021 $14,625
Cost of goods manufactured $102,250
Finished goods inventory, January 1, 2021 $33,125
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
What should be the amount in the finished goods inventory at December 31, 2021?