Information for Gifford, Inc. as of December 31, 2014 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 materials 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 312,700