Question

Required information The following selected account balances are provided for Delray Mfg. of 2 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases $1,321,e00 35,e00 51,500 бе,900 173,600 236,000 16,500 48,e0e 5,250 59,000 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 96,000 35,000 45,100 43,700 68,800 Prepare an income statement for Delray Mfg. (a manufacturer). nces DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income < Prev

Answer 1

DelRay mtga hort Income statement for the year ended December 31, year 1. 10500 $1,321,000 9, Ending - 68,800) sales. cost of goods sold finished good inventory, peegering, $60,900 cost of goods manufactured ang-536,000 cost of goods available for sale ue to, 596,950 tersi finished good inventory, Ending - (68,800. rods 528, 150 cost of goods sold 792,850 Gross Profit → Operating expenses. Advertising expenses. General & Admin enp. 02618. 231,600 Total operating expenses 1200 10 givi 0.561,8.50 Operating income prib a REPR . Operating income - $561,850 color - 96,000 - 135,000 091

Delkay with a cost of goods manufactured nord for the you for the year ended 31, December, years Direct material 8.35,000 Raw material, Beginning Add: Raw material purchases asuril73,600 208,600 song kan material available for sale cess: Raw 45,100 maternal, Ending, dorious book $163,500 Dilect material used - Obr. wroty boop b 236,000 Direct labor 2 og 1920 factory overhead In 200 factory computer supplies used – 16,500 Indirect labor Repairs - factory equip 5,250 A Rent cost to Building -4 59,000 Total factory oH $128,750 cost 29915 528,250 Total manufacturing cost Add work in Process: Beginning 51,500 Total cost of work in process eritong 579,750 48,000 less: work in process inv, Ending cost of goods manufactured. (43,700) 536,050

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