Reference no: EM132520681

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                                  54,000

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                   60,000

Net Income                                                          30,000

Direct Materials used                                              60,000

Cost of Goods Sold                                                 53,000

Question 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.)

Question 2: During FY 2018 Bay Manufacturing had total manufacturing costs are $430,000. Their cost of goods manufactured for the year was $421,000. The January 1, 2019 balance of Work-in-Process Inventory is $42,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)