*Please look at the attachment!!!!
*Please describe how to calculated!!
Information for Gifford, Inc., as of December 31 follows: (see attachment)
Prepare a manufacturing statement for the yea 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
Solution is provided in a separate excel file attched.It contains following parts of Manufacturing statement.
(A) Cost Of Raw Materials Used:
(B) Direct Manufacturing Labor:
(C )Manufacturing Overhead:
(D) Cost of Goods Manufactured:
(E) Explanatory Notes:
Selling and Administrative expenses such as salaries , interest expense, sales commissin,Advertising,delivery expenses & Other ...
This solution helps prepare a manufacturing statement.