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Question
Information for Gifford, Inc., as of December 31 follows:
| 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 |
Prepare a manufacturing statement for the year ended December 31.
Answer
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