Ringa 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 Work in Process-January 1 Work in Process-December 31 Direct Material-December 31 Amount $200,000 62,000 80,000 25,000 64,000 30,000 20,000 Finished Goods Inventory-December 31 75,000 Net Income Direct Materials used Cost of Goods Sold 30,000 63,000 72,000 Use this information to determine the dollar amount of Ringa 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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Accounting

Ringa 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
Work in Process-January 1
Work in Process-December 31
Direct Material-December 31
Amount
$200,000
62,000
80,000
25,000
64,000
30,000
20,000
Finished Goods Inventory-December 31 75,000
Net Income
Direct Materials used
Cost of Goods Sold
30,000
63,000
72,000
Use this information to determine the dollar amount of Ringa Clothing's Finished
Goods Inventory for January 1, 2018.
Transcribed Image Text:Ringa 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 Work in Process-January 1 Work in Process-December 31 Direct Material-December 31 Amount $200,000 62,000 80,000 25,000 64,000 30,000 20,000 Finished Goods Inventory-December 31 75,000 Net Income Direct Materials used Cost of Goods Sold 30,000 63,000 72,000 Use this information to determine the dollar amount of Ringa Clothing's Finished Goods Inventory for January 1, 2018.
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