Reference no: EM132556725

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                 46,000

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  40,000

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.)