In: Accounting
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.)