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.)