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 |
43,000 |
|
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 |
44,000 |
|
Net Income |
30,000 |
|
Direct Materials used |
60,000 |
|
Cost of Goods Sold |
66,000 |
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.)
Finished goods inventory at January 1 + Cost of Goods Manufactured - Finished goods inventory at December 31,2018 = Cost of Goods sold
Let Finished goods inventory at Jan 1 be x,
x + 43000 - 44000 = 66000
x = 67000
Finished Goods Inventory at January 1,2018 = $ 67000
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year...
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 50,000 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 41,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 66,000 Use this information to determine the...
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 43,000 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 35,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 58,000 Use this information to determine the...
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 44,000 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 35,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 63,000 Use this information to determine the...
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 57,000 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 44,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 55,000 Use this information to determine the...
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...
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 56,000 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 55,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 70,000 Use this information to determine the...
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Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $850,000 Beginning Raw Material Inventory 74,000 Direct Material Purchased 308,000 Factory Overhead 90,000 Finished Goods Inventory - January 1 144,000 Work in Process - January 1 74,000 Work in Process - December 31 98,000 Ending Raw Material Inventory 58,000 Finished Goods Inventory - December 31 168,000 Net Income 65,000 Direct Labor 155,000 Cost of Goods Sold 655,000 Use this information...
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Question 6 (12 points) Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2020 is provided: Item Amount Sales $850,000 Beginning Raw Material Inventory 74,000 Direct Material Purchased 318,000 Factory Overhead 90,000 Finished Goods Inventory - January 1 144,000 Work in Process - January 1 74,000 Work in Process - December 31 98,000 Ending Raw Material Inventory 58,000 Finished Goods Inventory - December 31 168,000 Net Income 65,000 Direct Labor 155,000 Cost of Goods Sold...