Solution
DELRAY MFG | ||
Income Statement | ||
For the year ended December 31, 2017 | ||
Sales | $ 1,305,000 | |
Cost of Goods Sold | ||
Beginning Finished Goods Inventory | $ 66,900 | |
Cost of goods Manufactured | $ 569,150 | |
Goods Available for sale | $ 636,050 | |
Less: Ending Finished Goods Inventory | $ 66,200 | |
Cost of Goods Sold | $ 569,850 | |
Gross Profit | $ 735,150 | |
Operating Expenses | ||
General and Administrative expenses | $ 127,000 | |
Selling Expenses | ||
Advertisement Expenses | $ 91,000 | |
Total Operating expenses | $ 218,000 | |
Net Income | $ 517,150 |
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DELRAY MFG | ||
Cost of Goods manufactured | ||
For the year ended December 31, 2017 | ||
Labels | Amount Descriptions | Amount Descriptions |
Direct materials | ||
Direct materials inventory, December 31, 2016 | $ 35,000 | |
Direct materials purchases | $ 192,400 | |
Cost of direct materials available for use | $ 227,400 | |
Direct materials inventory, December 31, 2017 | $ 41,000 | |
Cost of direct materials placed in production | $ 186,400 | |
Direct labor | $ 239,000 | |
Factory overhead | ||
Indirect Labor | $ 46,000 | |
Factory Computer supplies used | $ 22,300 | |
Repairs—Factory equipment | $ 5,250 | |
Rent Expenses-Factory | $ 57,000 | |
Total Factory Overheads | $ 130,550 | |
Total Manufacturing Cost | $ 555,950 | |
Add: Work in process inventory, December 31, 2016 | $ 58,200 | |
Total work in process during the period | $ 614,150 | |
Less: Work in process inventory, December 31, 2017 | $ 45,000 | |
Costs of good manufactured | $ 569,150 |
Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31,...
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 $ 1,143,000 40,000 50,800 65,100...
Prepare an income statement for Delray Mfg. (a manufacturer). Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. $ 1,134,000 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 41,000 53,200 66,300 160,700 230,000 19,300 Factory computer supplies used Indirect labor 51,000 5,250 58,000 98,000 134,000 46,800 42,100 70, 200 Repairs-Factory equipment Rent...
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 $ 1,444,000 38,000 50,500 63,900...
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 Finished goods inventory, Dec. 31, 2017 $ 1,387,000 39,000 59,200 69,900...
Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 2017 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses...
Required information The folfowing selected account balances are provided for Delray Mfg Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Pinished 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 s 1,295,000 41,000 54,500 60,100...
The following selected account balances are provided for Delray Mfg. Sales $ 1,132,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 54,100 Finished goods inventory, Dec. 31, 2016 64,400 Raw materials purchases 174,100 Direct labor 232,000 Factory computer supplies used 19,000 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 51,000 Advertising expense 89,000 General and administrative expenses 132,000 Raw materials inventory, Dec. 31, 2017 49,200 Work in process inventory, Dec. 31,...