Information for Gifford, Inc., as of December 31 follows: Administrative salaries $ 35,000 Depreciation of factory equipment
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 | 333,000 |
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.
GIFFORD, INC. Manufacturing Statement For Year Ended December 31. | ||||
Direct materials: | ||||
Raw materials, January 1 | $ 5,000 | |||
Raw material purchases | 125,000 | |||
Raw materials available | $130,000 | |||
Raw materials, December 31 | ( 4,000 | ) | ||
Direct materials used | $126,000 | |||
Direct labor | 68,000 | |||
Factory overhead costs: | ||||
Depreciation of factory equipment | $ 25,000 | |||
Factory supplies used | 9,000 | |||
Factory insurance | 15,500 | |||
Factory utilities | 14,000 | |||
Factory maintenance | 7,500 | |||
Rent on factory building | 25,000 | |||
Repairs of factory equipment | 11,500 | |||
Total factory overhead costs | 107,500 | |||
Total manufacturing costs | $301,500 | |||
Goods in process inventory, January 1 | 3,500 | |||
Total goods in process | $305,000 | |||
Goods in process inventory, December 31 | ( 2,700 | ) | ||
Cost of goods manufactured | $302,300 | |||
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis