Stapleton Company manufactures quality gentlemen’s clothing. The following applies to Stapleton f…

Stapleton Company manufactures quality gentlemen’s clothing. The following applies to Stapleton for the year 20X7: Sales, $100,000; Cost of goods manufactured, $75,000; Purchases of direct materials, $40,000; Factory overhead, $10,000; Work-in-process, January 1, $30,000; Work-in-process, December 31, $15,000; Direct materials, December 31, $10,000; Finished goods, December 31, $60,000; Net income, $15,000; Direct materials used, $30,000; and Cost of goods sold, $55,000. What was Stapleton’s finished goods inventory on January 1, 20X7?

 

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