Timberlake Apparel Co. manufactures premium outdoor wear. The following selected financial information for the fiscal year 2020 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 $245,000 $74,000 $92,000 $31,000 $71,000 $37,000 $24,000 Finished Goods Inventory - December 31 $83,000 Net Income Direct Materials Used Cost of Goods Sold $38,000 $71,000 $86,000 Use this information to determine the dollar amount of Timberlake Apparel's Finished Goods Inventory for January 1, 2020.

Timberlake Apparel Co. manufactures premium outdoor wear. The following selected financial information for the fiscal year 2020 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 $245,000 $74,000 $92,000 $31,000 $71,000 $37,000 $24,000 Finished Goods Inventory - December 31 $83,000 Net Income Direct Materials Used Cost of Goods Sold $38,000 $71,000 $86,000 Use this information to determine the dollar amount of Timberlake Apparel's Finished Goods Inventory for January 1, 2020.

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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