Question

0 Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, De


Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 43,400 72,000 Prepare an income statement fo
0 0
Add a comment Improve this question Transcribed image text
Answer #1
DELAY MFG.
Income Statement
For Year Ended December 31, 2017
Sales $ 1,367,000
Cost of goods sold
Finished goods inventory, December 31, 2016 69,000
Cost of goods manufactured 547,450
Cost of goods available for sale 616,450
Less: Finished goods inventory, December 31, 2017 72,000
Cost of goods sold 544,450
Gross Profit 822,550
Operating expenses
Advertising expense 97,000
General and administrative expenses 139,000
Total operating expenses 236,000
Operating Income $ 586,550

Working notes:

DELAY MFG.
Schedule of Cost of Goods Manufactured
For Year Ended December 31, 2017
Direct materials:
Raw materials inventory, December 31, 2016 $ 44,000
Add: Raw materials purchases 163,700
Less: Raw materials inventory, December 31, 2017 41,400
Direct materials used 166,300
Direct Labor 245,000
Factory overhead:
Factory computer supplies used 17,700
Indirect labor 47,000
Repairs - Factory equipment 5,250
Rent cost of factory building 52,000
Total factory overhead costs 121,950
Total manufacturing costs 533,250
Add: Work in process inventory, December 31, 2016 57,600
Total cost of work in process 590,850
Less: Work in process, December 31, 2017 43,400
Cost of goods manufactured $ 547,450

All the best...

Add a comment
Know the answer?
Add Answer to:
0 Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • ! ! Required information The following selected account balances are provided for Delray Mfg. Sales Raw...

    ! ! Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,367,000 44,000...

  • Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...

    Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,050,000 44,000 51,600 64,500...

  • Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...

    Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factony building Advertising expense General and administrative expenses Raw materials inventory, Dec- 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 1,028,000 37,000 54,600 61,900 193,400...

  • Required information The following selected account balances are provided for Delray Mfg. Sales $ 1,250,000 Raw...

    Required information The following selected account balances are provided for Delray Mfg. Sales $ 1,250,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 53,900 Finished goods inventory, Dec. 31, 2016 62,750 Raw materials purchases 175,600 Direct labor 225,000 Factory computer supplies used 17,840 Indirect labor 47,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 94,000 General and administrative expenses 129,300 Raw materials inventory, Dec. 31, 2017 42,700 Work in process inventory,...

  • 1) 2) Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials i...

    1) 2) Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,250,000 37,000...

  • Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...

    Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,143,000 40,000 50,800 65,100...

  • Saved ework Required information The following selected account balances are provided for Delray Mfg. Sales Raw...

    Saved ework Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,367,000 44,000...

  • Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...

    Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory: Dec 31, 2017 Work in process inventory, Dec. 31, 2017 Pinished goods inventory. Dec. 31, 2017 $1,143,000 37,000 53,200 60,400 169,800...

  • Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory,...

    Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,444,000 38,000 50,500 63,900...

  • 16 Required information The following selected account balances are provided for Delray Mfg. Sales $1,302,000 Raw...

    16 Required information The following selected account balances are provided for Delray Mfg. Sales $1,302,000 Raw materials inventory, Dec. 31, 2016 41,000 Work in process inventory, Dec. 31, 55,900 2016 Finished goods inventory, Dec. 31, 2016 60,300 Raw materials purchases 160,200 Direct labor 238,000 Factory computer supplies used 18,300 Indirect labor 53,000 Repairs-Factory equipment 5,250 Rent cost of factory building 59,000 Advertising expense 84,000 General and administrative expenses 143,000 Raw materials inventory, Dec. 31, 2017 47,600 Work in process inventory,...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT