Required information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,900,000 120,000 156,000 203,000 552,000 662,000 99,000 79,000 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 Exercise 14-14 (Algo) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,495,000. 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 Gross profit 158,000 253,000 405,000 144,000 187,000 244,000 Net income $ 203,000 203,000 $ 2,900,000 203,000 2,697,000 $ 2,697,000
Required information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,900,000 120,000 156,000 203,000 552,000 662,000 99,000 79,000 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 Exercise 14-14 (Algo) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,495,000. 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 Gross profit 158,000 253,000 405,000 144,000 187,000 244,000 Net income $ 203,000 203,000 $ 2,900,000 203,000 2,697,000 $ 2,697,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
3
![Required information
Use the following Information for the Exercises below. (Algo)
[The following Information applies to the questions displayed below.]
Use the following selected account balances of Delray Manufacturing for the year ended December 31.
$ 2,900,000
120,000
156,000
203,000
552,000
662,000
99,000
79,000
158,000
253,000
405,000
144,000
187,000
244,000
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
Exercise 14-14 (Algo) Income statement preparation LO P1
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured Is $1,495,000.
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
Gross profit
Net income
$ 203,000
203,000
$ 2,900,000
203,000
2,697,000
$ 2,697,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F739cb30d-b6cb-455e-8339-44ec3e9673ec%2F1d7b6db4-a790-47ed-a4da-c817b8e9e08d%2F78vt9r_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Use the following Information for the Exercises below. (Algo)
[The following Information applies to the questions displayed below.]
Use the following selected account balances of Delray Manufacturing for the year ended December 31.
$ 2,900,000
120,000
156,000
203,000
552,000
662,000
99,000
79,000
158,000
253,000
405,000
144,000
187,000
244,000
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
Exercise 14-14 (Algo) Income statement preparation LO P1
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured Is $1,495,000.
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
Gross profit
Net income
$ 203,000
203,000
$ 2,900,000
203,000
2,697,000
$ 2,697,000
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