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The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,168,000 36,000 59,900 65,400 186,400 249,000 24,300 49,000 5,250 52,000 84,000 128,000 41,400 45,700 71,300

The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,168,000 36,000 59,900 65,400 186,400 249,000 24,300 49,000 5,250 52,000 84,000 128,000 41,400 45,700 71,300

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 Mfg. (a manufacturer).

Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,168,000 36,000 59,900 65,400 186,400 249,000 24,300 49,000 5,250 52,000 84,000 128,000 41,400 45,700 71,300
Transcribed Image Text:Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,168,000 36,000 59,900 65,400 186,400 249,000 24,300 49,000 5,250 52,000 84,000 128,000 41,400 45,700 71,300
Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Income Statement For Year Ended December 31, Year 1 Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses Total operating expenses Operating income $ 65,400 603,330 71,300 84,000 128,000 $ 1,168,000 $ 532,030 635,970 212,000 423,970
Transcribed Image Text:Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Income Statement For Year Ended December 31, Year 1 Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses Total operating expenses Operating income $ 65,400 603,330 71,300 84,000 128,000 $ 1,168,000 $ 532,030 635,970 212,000 423,970
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