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