Prepare an income statement for Delray Mfg. (a manufacturer).

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

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