Pinnacle Performance Wear manufactures high-performance athletic gear. The following selected financial data is provided for the fiscal year 2023: Item Sales Cost of Goods Manufactured Direct Materials Purchased Factory Overhead Work in Process - January 1 Work in Process - December 31 Amount $640,000 $180,000 $200,000 $60,000 $90,000 $75,000 $40,000 Direct Materials - December 31 Finished Goods Inventory - December 31 $95,000 Net Income Direct Materials Used Cost of Goods Sold $110,000 $140,000 $170,000 Determine the dollar amount of Pinnacle Performance Wear's Finished Goods Inventory for January 1, 2023.

Pinnacle Performance Wear manufactures high-performance athletic gear. The following selected financial data is provided for the fiscal year 2023: Item Sales Cost of Goods Manufactured Direct Materials Purchased Factory Overhead Work in Process - January 1 Work in Process - December 31 Amount $640,000 $180,000 $200,000 $60,000 $90,000 $75,000 $40,000 Direct Materials - December 31 Finished Goods Inventory - December 31 $95,000 Net Income Direct Materials Used Cost of Goods Sold $110,000 $140,000 $170,000 Determine the dollar amount of Pinnacle Performance Wear's Finished Goods Inventory for January 1, 2023.

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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