Question - Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided:
Item
Amount
Sales
$100,000
Cost of Goods Manufactured
75,000
Direct Material Purchased
40,000
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
50,000
Use this information to determine the dollar amount of Bravo's Finished Goods Inventory for January 1, 2016. (Round dollar values & enter as whole dollars only.)