Reference no: EM132669305

Question - 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

Required - Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.