Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided:
|
Item |
Amount |
|
Sales |
$200,000 |
|
Cost of Goods Manufactured |
41,000 |
|
Direct Material Purchased |
80,000 |
|
Factory Overhead |
20,000 |
|
Work in Process - January 1 |
60,000 |
|
Work in Process - December 31 |
30,000 |
|
Direct Material - December 31 |
20,000 |
|
Finished Goods Inventory - December 31 |
54,000 |
|
Net Income |
30,000 |
|
Direct Materials used |
60,000 |
|
Cost of Goods Sold |
69,000 |
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)
COST STATEMENT OF ANNAPOLIS CLOTHING COMPANY
FACTORY COST = 20,000
(+) Administration overheads(Balancing figure) = 21,000
COST OF GOODS MANUFACTURED = 41,000
(+) Opening finished goods = 82,000 ( opn FG = 69,000+54,000-41,000)
(Balancing figure )
(-) closing finished goods = (54,000)
COST OF FINISHED GOODS SOLD = 69,000
(+) Selling & distribution overheads = (0)
COST OF GOODS SOLD = 69,000
FINISHED GOODS FOR JAN 1 , 2018 = 82,000$
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year...
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