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 $ 1,950,000 82,000 107,000 139,000 377,000 452,000 68,000 54,000 108,000 173,000 277,000 98,000 128,000 167,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,022,000.
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 $ 1,950,000 82,000 107,000 139,000 377,000 452,000 68,000 54,000 108,000 173,000 277,000 98,000 128,000 167,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,022,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,022,000.
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
![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.
$ 1,950,000
82,000
107,000
139,000
377,000
452,000
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.
Cost of goods sold:
68,000
54,000
108,000
173,000
277,000
98,000
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,022,000.
DELRAY MANUFACTURING
Income Statement
For Year Ended December 31
128,000
167,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d4082ee-1b28-46be-9eb2-4ac4c1718617%2Fede1cc0f-7bce-4b4a-a432-09c36ab4a8e1%2F8jfcqb_processed.jpeg&w=3840&q=75)
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.
$ 1,950,000
82,000
107,000
139,000
377,000
452,000
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.
Cost of goods sold:
68,000
54,000
108,000
173,000
277,000
98,000
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,022,000.
DELRAY MANUFACTURING
Income Statement
For Year Ended December 31
128,000
167,000
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