Reference no: EM132647608

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               42,000

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                                             64,000

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.)