Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 60,000 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 57,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 60,000 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 57,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided:
|
Item |
Amount |
|
Sales |
$200,000 |
|
Cost of Goods Manufactured |
60,000 |
|
Direct Material Purchased |
80,000 |
|
Factory |
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 |
57,000 |
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).
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