Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal...
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Accounting
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 dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)
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