Question

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

58,000

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

63,000

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.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 55,000 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 30,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 50,000 Use this information to determine the...
Annapolis Company manufactures quality boating apparel.  The following selected financial information for the fiscal year 2020 is...
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 531,000 Use this information...
Bravo Company manufactures quality gentlemenks clothing. The following selected financial information for the fiscal year 2016...
Bravo Company manufactures quality gentlemenks clothing. The following selected financial information for the fiscal year 2016 is provided: ITEM AMOUNT SALES $100,000 COST OF GOODS MANUFACTURED 65,000 DIRECT MATERIAL PURCHASED 25,000 FACTORY OVERHEAD 10,000 WORK IN PROCESS- JANUARY 1 30,000 WORK IN PROCESS- DECEMBER 31 15,000 DIRECT MATERIAL- DECEMBER 31 10,000 FINISHED GOODS INVENTORY- DECEMBER 31 60,000 NET INCOME 15,000 DIRECT MATERIALS USED 30,000 COST OF GOODS SOLD 55,000 Use this information to prepare a detailed Schedule of Costs of...
Drake Company manufactures quality gentlemen's clothing.  The following selected financial information for the fiscal year 2017 is...
Drake Company manufactures quality gentlemen's clothing.  The following selected financial information for the fiscal year 2017 is provided: Item Amount Sales $100,000 Cost of Goods Manufactured 75,000 Direct Material Purchased 30,000 Factory Overhead 10,000 Work in Process - January 1 30,000 Work in Process - December 31 15,000 Direct Material - December 31 10,000 Finished Goods Inventory - December 31 60,000 Net Income 15,000 Direct Materials used 30,000 Cost of Goods Sold 55,000 Use this information to prepared a detailed Schedule...
Top Sail manufactures sailboats.  The following selected financial information for the fiscal year 2016 is provided: Item...
Top Sail manufactures sailboats.  The following selected financial information for the fiscal year 2016 is provided: Item Amount Sales $10,000,000 Cost of Goods Manufactured 7,500,000 Direct Material Purchased 4,000,000 Factory Overhead 1,000,000 Work in Process - January 1 3,000,000 Work in Process - December 31 1,500,000 Direct Material - December 31 1,000,000 Finished Goods Inventory - December 31 6,000,000 Net Income 1,500,000 Direct Materials used 3,000,000 Cost of Goods Sold 5,500,000 Use this information to prepared Top Sail's Income Statement for...
The following information is for X Company, a manufacturer, in 2018: Direct materials purchased $37,195 Direct...
The following information is for X Company, a manufacturer, in 2018: Direct materials purchased $37,195 Direct materials used 34,907 Direct labor 12,467 Overhead 22,360 Work in Process Inventory, January 1, 2018 6,060 Work in Process Inventory, December 31, 2018 8,338 Finished Goods Inventory, December 31, 2018 3,148 Cost of Goods Sold 67,226 What was the balance in Finished Goods Inventory on January 1, 2018?
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018 December 31, 2018 Direct materials 10,000 17,000 Work in process 11,000 ? Finished goods 16,000 9,000 Additional information is as follows: Direct materials purchased .......... $20,000 Direct labor ........................ 15,000 Actual manufacturing overhead ....... 14,000 Applied manufacturing overhead ...... 16,000 Cost of goods manufactured .......... 31,000 Calculate the work in process inventory balance at December 31, 2018.
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018 December 31, 2018 Direct materials 10,000 17,000 Work in process 11,000 ? Finished goods 16,000 9,000 Additional information is as follows: Direct materials purchased .......... $20,000 Direct labor ........................ 15,000 Actual manufacturing overhead ....... 14,000 Applied manufacturing overhead ...... 16,000 Cost of goods manufactured .......... 31,000 Calculate the work in process inventory balance at December 31, 2018.
Mars Sporting Goods Company manufactured 130,000 sets of shoulder pads in 2020 and reported the following...
Mars Sporting Goods Company manufactured 130,000 sets of shoulder pads in 2020 and reported the following costs: Work-in-Process, January 1 12,000 Plant utilities 24,000 Direct Material inventory, December 31 20,000 Machinery grease, lubricants 7,000 Leasing cost, plant 60,000 Depreciation, factory equipment 27,000 Finished Goods, December 31 75,000 Revenues 950,000 Work-in-Process, December 31 4,000 Sales commissions 95,000 Finished Goods, January 1 67,000 Marketing/distribution 110,0000 Direct Material inventory, January 1 18,000 Direct Labor 200,000 Indirect manufacturing labor 8,000 Direct Material purchases 280,000...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36,000, $31,000 and $27,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $43,000, $37,000 and $20,000 respectively. Direct material purchases were $570,000. Direct labor was $230,000 for the year. Factory overhead was $143,000. Finished goods inventory, January 1 $ Work in process inventory, January 1 $ Direct materials: Direct materials, January 1 $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT