AC202 manufacturing statement

AC202 manufacturing statement - 15,500 Factory supplies...

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A manufacturing statement shows the total costs incurred in production of goods. Gifford Inc Manufacturing Statement For the year ended Dec 31 Direct materials Raw materials inventory, January 1 $5,000 Raw materials purchases 125,000 Raw materials available for use 130,000 Less: Raw materials inventory, December 31 4,000 Direct materials used 126,000 Direct labor 68,000 Factory overhead Depreciation expense—Factory equipment 25,000 Factory insurance
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Unformatted text preview: 15,500 Factory supplies used 9,000 Factory utilities 14,000 Factory maintenance 7,500 Repairs of factory equipment 11,500 Rent expense—Factory building 25,000 Total factory overhead costs 107,500 Total manufacturing costs 301,500 Goods in process inventory, Jan 1 3,500 Total cost of goods in process 305,000 Less: Goods in process inventory, December 31 2,700 Cost of goods manufactured 302,300...
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