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. 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 $ 1,800,000 76,000 99,000 129,000 350,000 420,000 63,000 50,000 100,000 160,000 256,000 91,000 119,000 155,000 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 $948,000.
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. 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 $ 1,800,000 76,000 99,000 129,000 350,000 420,000 63,000 50,000 100,000 160,000 256,000 91,000 119,000 155,000 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 $948,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
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![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.
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 i
Work in process inventory, ending
Finished goods inventory, ending
DELRAY MANUFACTURING
Income Statement
For Year Ended December 31
Sales
Cost of goods sold
Finished goods inventory, beginning
Raw materials purchases
$ 1,800,000
76,000
99,000
129,000
350,000
420,000
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 $948,000.
S
63,000
50,000
100,000
160,000
256,000
91,000
119,000
155,000
120,000
350,000
$1,800,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2Ffbacbd53-be63-4992-80bd-40d0dfd63229%2Ftn2me0d_processed.jpeg&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.
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 i
Work in process inventory, ending
Finished goods inventory, ending
DELRAY MANUFACTURING
Income Statement
For Year Ended December 31
Sales
Cost of goods sold
Finished goods inventory, beginning
Raw materials purchases
$ 1,800,000
76,000
99,000
129,000
350,000
420,000
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 $948,000.
S
63,000
50,000
100,000
160,000
256,000
91,000
119,000
155,000
120,000
350,000
$1,800,000
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