Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Sales Cost of Goods Manufactured Direct Material Purchased Factory Overhead Amount $2,00,000 56,000 80,000 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 55,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 61,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.

Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...
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Subject:- Financial Account

Annapolis Clothing Company manufactures quality boating attire. The
following selected financial information for the fiscal year 2018 is
provided:
Item
Sales
Cost of Goods Manufactured
Direct Material Purchased
Factory Overhead
Amount
$2,00,000
56,000
80,000
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
55,000
Net Income
30,000
Direct Materials used
60,000
Cost of Goods Sold
61,000
Use this information to determine the dollar amount of Annapolis
Clothing's Finished Goods Inventory for January 1, 2018.
Transcribed Image Text:Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Sales Cost of Goods Manufactured Direct Material Purchased Factory Overhead Amount $2,00,000 56,000 80,000 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 55,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 61,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.
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