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

Gifford Inc. Cost of Goods manufactured December 31st Calculate Direct material used 2 3 4. 5 6 7 Cost of Goods Manufactured 8 Direct Material 9 10 11 12 13 Direct material Used 14 15 Direct Labor 16 Factory Overhead 17 18 19 20 21 22 Total Material Used plus Direct Labor plus Factory overhead equals total manufacturing cost Those 3 costs are our product cost, that is the costs that go into making the product Determine direct labor Calculate Factory overhead 17 18 Calculate Factory overhead I 19 20 21 22 23 24 Total Factory Overheater 25 Total manufacturing cost 26 Beginning goods in process inventory 27 Total cost of goods in process 28 Less ending goods in process inventory 29 Cost of Goods Manufactured 30 31 32 33 Cost of Goods Sold 34 Beginning inventory Finished goods 35 Cost of Goods manufactured 36 Cost of Goods available for sale 37 Less ending inventory finished goods 37 Less ending inventory finished goods 38 Cost of goods sold 29