Reference no: EM132640206

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           58,000
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 32,000
Net Income                                         30,000
Direct Materials used                            60,000
Cost of Goods Sold                               55,000

Problem 1: 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.)