Rivana Apparel Company manufactures quality outdoor clothing. The following selected financial information for the fiscal year 2023 is provided: Item Amount Sales $215,000 Cost of Goods Manufactured $70,000 Direct Material Purchased $85,000 Factory Overhead $27,000 Work in Process-January 1 $61,000 Work in Process-December 31 $29,000 Direct Material-December 31 $22,000 Finished Goods Inventory-December 31 $82,000 Net Income $33,000 Direct Materials used $66,000 Cost of Goods Sold $76,000 Use this information to determine the dollar amount of Rivana Apparel's Finished Goods Inventory for January 1, 2023.

Rivana Apparel Company manufactures quality outdoor clothing. The following selected financial information for the fiscal year 2023 is provided: Item Amount Sales $215,000 Cost of Goods Manufactured $70,000 Direct Material Purchased $85,000 Factory Overhead $27,000 Work in Process-January 1 $61,000 Work in Process-December 31 $29,000 Direct Material-December 31 $22,000 Finished Goods Inventory-December 31 $82,000 Net Income $33,000 Direct Materials used $66,000 Cost of Goods Sold $76,000 Use this information to determine the dollar amount of Rivana Apparel'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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