RECOMMENDED!!ACCOUNTING 221-Bravo Company manufactures quality gentlemen’s

  

Bravo Company manufactures quality gentlemen’s clothing. The following selected financial information for the fiscal year 2016 is provided:ItemAmountSales$100,000Cost of Goods Manufactured75,000Direct Material Purchased40,000Factory Overhead10,000Work in Process – January 130,000Work in Process – December 3115,000Direct Material – December 3110,000Finished Goods Inventory – December 3160,000Net Income15,000Direct Materials used30,000Cost of Goods Sold50,000Use 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.)

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