Determine the dollar amount of annapolis clothing finished

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

Item

Amount

Sales

$200,000

Cost of Goods Manufactured

51,000

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

53,000

Net Income

30,000

Direct Materials used

60,000

Cost of Goods Sold

61,000

Required - Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020.

Reference no: EM133173402

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