Reference no: EM132568489
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 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 51,000
Net Income 30,000
Direct Materials used 60,000
Cost of Goods Sold 65,000
Required - Use this information to find the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.