Ch 14 Homework 2 2 Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Part 2 of 2 olnts Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,345,800 45,000 58,600 66,800 156,700 249, eee 18,800 41, eee 5,250 59,000 82,000 132,000 46,900 44,900 66,000 01:45:08 Elok Exercise 14-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer) ! Required information DELRAY MFG Income Statement For Year Ended December 31, Year 1 Sales Cost of goods sold Finished goods inventory, beginning $ Cost of goods manufactured $ 1,345,000 66,800: 66,800 3:40 Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses 66,800 1,278,200 Total operating expenses Operating income $ 1,278,200