Problem:
Information for Gifford, Inc., as of December 31 follows:
Prepare a manufacturing statement for the year ended December 31.
| Administrative Salaries |
|
$35,000 |
| Depreciation of Factory Equipment |
$25,000 |
| Depreciation of Delivery vehicles |
$6,000 |
| Direct Labor |
|
|
$68,000 |
| Factory supplies Used |
|
$9,000 |
| Finished goods Inventory, January 1 |
$57,000 |
| Finished goods Inventory, December 31 |
$? |
| Factory Insurance |
|
|
$15,500 |
| Interest Expense |
|
|
$12,000 |
| Factory Utilities |
|
|
$14,000 |
| Factory Maintenance |
|
$7,500 |
| Raw Materials Inventory, January 1 |
$5,000 |
| Raw Materials Inventory, December 31 |
$4,000 |
| Raw Material Purchases |
|
$125,000 |
| Rent on Factory Building |
|
$25,000 |
| Repairs of Factory Equipment |
|
$11,500 |
| Sales Commissions |
|
|
$37,500 |
| Goods in Process Inventory, January 1 |
$3,500 |
| Goods in Process Inventory, December 31 |
$2,700 |