Information for Gifford, Inc., as of December 31 follows: (see below)
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