22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. Gross profit Selling expenses $ 2,650,000 110,000 143,000 186,000 506, 000 Work in process inventory, ending Net income 607,000 91,000 73,000 146,000 234,000 374,000 132,000 172,000 223,000 0 $ 10 0

22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. Gross profit Selling expenses $ 2,650,000 110,000 143,000 186,000 506, 000 Work in process inventory, ending Net income 607,000 91,000 73,000 146,000 234,000 374,000 132,000 172,000 223,000 0 $ 10 0

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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Q-11
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