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, Dec. 31, 2017 |
41,500 |
|
| Finished goods inventory, Dec. 31, 2017 |
67,300 |
|
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 Operating income
