The following selected account balances are provided for Delray Mfg. Sales $1,256,000 Raw...
Question:
The following selected account balances are provided for Delray Mfg.
| Sales | $1,256,000 |
| Raw materials inventory, Dec. 31, 2016, | 37,000 |
| Work in process inventory, Dec. 31, 2016, | 59,900 |
| Finished goods inventory, Dec. 31, 2016, | 65,500 |
| Raw materials purchases | 180,700 |
| Direct labor | 247,000 |
| Factory computer supplies used | 15,500 |
| Indirect labor | 42,000 |
| Repairs-Factory equipment | 5,250 |
| Rent cost of factory building | 51,000 |
| Advertising expense | 82,000 |
| General and administrative expenses | 136,000 |
| Raw materials inventory, Dec. 31, 2017, | 44,600 |
| Work in process inventory, Dec. 31, 2017, | 43,600 |
| Finished goods inventory, Dec. 31, 2017, | 68,900 |
Prepare an income statement for Delray Mfg. (a manufacturer).
Income Statement:
An income statement is a financial or monetary report that details a business's performance success over a certain period. Additionally, income statements thoroughly analyze a company's financial health.
Answer and Explanation: 1
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View this answerGiven information:
| Sales | $1,256,000 |
| Raw materials inventory, Dec. 31, 2016, | $37,000 |
| Work in process inventory, Dec. 31, 2016, | $59,900 |
| Finished goods... |
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