Chapter 1, Problem 38DQ

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Cost Account

Annapolis 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 Amount $2,00,000 56,000 80,000 20,000 Work in Process-January 1 60,000 Work in Process-December 31 30,000 Direct Material-December 31 20,000 Finished Goods Inventory-December 31 55,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 61,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.

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Subject:- Financial Account