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.

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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