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Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 $ 0 0

Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 $ 0 0

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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Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,247,000. Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 $ 0 0
Transcribed Image Text:Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,247,000. Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 $ 0 0
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. $ 2,400,000 100,000 130,000 169,000 460,000 MERHUER 552,000 83,000 66,000 132,000 211,000 338,000 120,000. 156,000 203,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,247,000.
Transcribed Image Text: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. $ 2,400,000 100,000 130,000 169,000 460,000 MERHUER 552,000 83,000 66,000 132,000 211,000 338,000 120,000. 156,000 203,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,247,000.
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