The following selected account balances are provided for Delray Mfg. Sales $1,123,000 Raw...
Question:
The following selected account balances are provided for Delray Mfg.
| Sales | $1,123,000 |
| Raw materials inventory, Dec. 31, 2016 | 41,000 |
| Work in process inventory, Dec. 31, 2016 | 55,700 |
| Finished goods inventory, Dec. 31, 2016 | 62,300 |
| Raw materials purchases | 182,300 |
| Direct labor | 220,000 |
| Factory computer supplies used | 23,900 |
| Indirect labor | 55,000 |
| Repairs-Factory equipment | 5,250 |
| Rent cost of factory building | 58,000 |
| Advertising expense | 92,000 |
| General and administrative expenses | 126,000 |
| Raw materials inventory, Dec. 31, 2017 | 46,300 |
| Work in process inventory, Dec. 31, 2017 | 39,500 |
| Finished goods inventory, Dec. 31, 2017 | 68,600 |
Prepare an income statement for Delray Mfg.
Income Statement:
In preparing for the income statement for a manufacturing company, we must start with the sales revenue less the cost of goods sold to obtain the gross profit. The gross profit is then deducted by the general and administrative expenses and selling expenses to obtain the operating income for the period.
Answer and Explanation: 1
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View this answerThe income statement is prepared below:
Delray Manufacturing
Income Statement
For the period ending December 31,2017
| Sales | ... |
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