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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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← F1 XC Information for Gifford, Inc., as of December 31 follows: $35,000 Administrative salaries 25,000 6,000 Depreciation of factory equipment Depreciation of delivery vehicles Direct labor 68,000 9,000 Factory supplies used 57,000 Finished goods inventory, January 1 Finished goods inventory, December 31 ? 15,500 Factory insurance Interest expense 12,000 Factory utilities 14,000 Factory maintenance 7,500 5,000 Raw materials inventory, January 1 Raw materials inventory, December 31 4,000 Raw material purchases 125,000 Rent on factory building 25,000 11,500 Repairs of factory equipment Sales commissions 37,500 3,500 Goods in process inventory, January 1 Goods in process inventory, December 31 2,700 Prepare a manufacturing statement for the year ended December 31. Edit Format Table 12pt v Paragraph B TU Ανόν τον F2
Transcribed Image Text:← F1 XC Information for Gifford, Inc., as of December 31 follows: $35,000 Administrative salaries 25,000 6,000 Depreciation of factory equipment Depreciation of delivery vehicles Direct labor 68,000 9,000 Factory supplies used 57,000 Finished goods inventory, January 1 Finished goods inventory, December 31 ? 15,500 Factory insurance Interest expense 12,000 Factory utilities 14,000 Factory maintenance 7,500 5,000 Raw materials inventory, January 1 Raw materials inventory, December 31 4,000 Raw material purchases 125,000 Rent on factory building 25,000 11,500 Repairs of factory equipment Sales commissions 37,500 3,500 Goods in process inventory, January 1 Goods in process inventory, December 31 2,700 Prepare a manufacturing statement for the year ended December 31. Edit Format Table 12pt v Paragraph B TU Ανόν τον F2
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