Reference no: EM132996477

Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided:

Sales - $200,000
Cost of Goods Manufactured - 56,000
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 - 38,000
Net Income - 30,000
Direct Materials used - 60,000
Cost of Goods Sold - 53,000

Problem 1: Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).