Question: Use the information in Exercise to prepare an income statement

Use the information in Exercise to prepare an income statement for Delray Mfg. (a manufacturer). Assume that its cost of goods manufactured is $534,390.
In exercise
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,250,000
Raw materials inventory, Dec. 31, 2014 . . . . . 37,000
Work in process inventory, Dec. 31, 2014 . . . 53,900
Finished goods inventory, Dec. 31, 2014 . . . . 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, 2015 . . . . . . 42,700
Work in process inventory, Dec. 31, 2015 . . . 41,500
Finished goods inventory, Dec. 31, 2015 . . . . . 67,300

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  • CreatedApril 23, 2015
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