FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Use the following selected account balances of Delray Manufacturing for the year ended December 31.
$ 2,850,000
118,000
153,000
199,000
543,000
652,000
98,000
78,000
156,000
250,000
400,000
142,000
Sales
Raw materials inventory, beginning
Work in process inventory, beginning
Finished goods inventory, beginning
Raw materials purchases
Direct labor
Indirect labor
Repairs-Factory equipment
Rent cost of factory building
Selling expenses
General and administrative expenses
Raw materials inventory, ending
Work in process inventory, ending
Finished goods inventory, ending
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,472,000.
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
DELRAY MANUFACTURING
Income Statement
For Year Ended December 31
Goods available for sale
Less: Finished goods inventory, ending
Cost of goods sold
Gross profit
Selling expenses
General and administrative expenses
Net income
184,000
239,000
$ 199,000
199,000
$ 2,850,000
199,000
2,651,000
$ 2,651,000
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Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,850,000 118,000 153,000 199,000 543,000 652,000 98,000 78,000 156,000 250,000 400,000 142,000 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,472,000. Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income 184,000 239,000 $ 199,000 199,000 $ 2,850,000 199,000 2,651,000 $ 2,651,000
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