Reference no: EM131865803

Question - Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided:

Item Amount

Sales $100,000

Cost of Goods Manufactured 75,000

Direct Material Purchased 40,000

Factory Overhead 10,000

Work in Process - January 1 30,000

Work in Process - December 31 15,000

Direct Material - December 31 10,000

Finished Goods Inventory - December 31 60,000

Net Income 15,000

Direct Materials used 30,000

Cost of Goods Sold 50,000

Use this information to determine the dollar amount of Bravo's Finished Goods Inventory for January 1, 2016. (Round dollar values & enter as whole dollars only.)