Question

In: Accounting

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

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

57,000

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

39,000

Net Income

30,000

Direct Materials used

60,000

Cost of Goods Sold

59,000

Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)

Solutions

Expert Solution

Please find the attached solution.

Thank you ?.


Related Solutions

Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018...
Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $850,000 Beginning Raw Material Inventory 74,000 Direct Material Purchased 308,000 Factory Overhead 90,000 Finished Goods Inventory - January 1 144,000 Work in Process - January 1 74,000 Work in Process - December 31 98,000 Ending Raw Material Inventory 58,000 Finished Goods Inventory - December 31 168,000 Net Income 65,000 Direct Labor 155,000 Cost of Goods Sold 655,000 Use this...
Part I Designer Inc. manufactures quality gentlemen's clothing.  The following selected financial information for the fiscal year...
Part I Designer Inc. manufactures quality gentlemen's clothing.  The following selected financial information for the fiscal year 2017 is provided: Item Amount Sales $100,000 Cost of Goods Manufactured 75,000 Direct Material Purchased 30,000 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 55,000 Use this information to prepared...
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account 2019 2018 Accounts Receivable $44,000 $36,000 Inventory 42,000 38,000 Net Sales (all credit) 300,000 350,000 Cost of Goods Sold 154,000 152,000 Net Income 27,200 24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day year. Round your answers to one decimal place.)
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 &...
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account 2019 2018 Accounts Receivable $40,000 $38,000 Inventory 42,000 38,000 Net Sales (all credit) 420,000 350,000 Cost of Goods Sold 154,000 152,000 Net Income 27,200 24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day year. Round your answers to one decimal place.)
Misco Speaker Company manufactures portable bluetooth speakers.  The following selected financial information for the fiscal year 2016...
Misco Speaker Company manufactures portable bluetooth speakers.  The following selected financial information for the fiscal year 2016 is provided: (amounts are in thousands) Item Amount Sales $150,000 Cost of Goods Manufactured 75,650 Direct Material Purchased 36,200 Factory Overhead 10,950 Work in Process - January 1 32,600 Work in Process - December 31 17,420 Direct Material - December 31 12,000 Finished Goods Inventory - December 31 59,000 Net Income 20,670 Direct Materials used 34,500 Cost of Goods Sold 58,000 Use this information...
Selected financial information for the Bravo-Zulu Company for the fiscal year ended December 31, 2016 is...
Selected financial information for the Bravo-Zulu Company for the fiscal year ended December 31, 2016 is as follows: Net Income $122,500 Depreciation Expense 50,000 Purchases of plant assets 125,000 Proceeds on Disposals of plant assets 20,000 Loss on Disposal of plant assets 7,500 Accounts receivable increased 2,500 Accounts payable decreased 4,000 Interest expense 5,000 Income tax expense 2,500 Additionally, Bravo-Zulu issued stock in exchange for an outstanding note payable of $72,500. The cash balance on January 1, 2016 was $37,000....
Selected financial information for the Bravo Zulu company for the fiscal year ended December 31, 2016...
Selected financial information for the Bravo Zulu company for the fiscal year ended December 31, 2016 is as follows: Net Income $122,500 Depreciation expense 50,000 Purchases of plant assets 125,000 Disposals of plants assets 20,000 Gain on Disposal of plant assets 7,500 Accounts receivable decreased 2,500 Accounts payable decreased 4,000 Interest expense 5,000 Income tax expense 2,500 Additionally, Bravo-Zulu issued stock in exchange for an outstanding note payable of $72,500. The cash balance on January 1, 2016 was $37,000. The...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:
Selected Dividend Transactions, Stock SplitSelected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:Journalize the transactions.If no entry is required, type \"No Entry Required\" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.Jan. 8.   Split the common stock 2 for 1 and reduced the par from $48 to $24 per share. After the split, there were 87,000 common shares outstanding.Jan. 8No...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 141,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.80 on 16,500 shares of preferred stock and $0.31 on the common stock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared semiannual dividends of $0.80...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:...
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1 and reduced the par from $80 to $40 per share. After the split, there were 123,000 common shares outstanding. Apr. 30 Declared semiannual dividends of $0.80 per share on 16,500 shares of preferred stock and $0.27 per share on the common stock payable on July 1. Jul. 1 Paid the cash dividends. Oct. 31 Declared...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT