Let's Practice! Practice Problem #1 A. Given the following selected account balances of Delray Mfg, prepare its schedule of cost of goods manufactured for the year ended December 31, 2017 Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor TURN IN YOUR WORK Factory computer supplies used Indirect labor $1,250,000 Repairs-Factory equipment 37,000 Rent cost of factory building 53,900 Advertising expense 62,750 General and administrative expenses 175,600 Raw materials inventory, Dec. 31, 2017 225,000 Work in process inventory, Dec. 31, 2017 17,840 Finished goods inventory, Dec. 31, 2017 47,000 Factory Payroll $5,250 57,000 94,000 129,300 42,700 41,500 67,300 272,000 B. Prepare an income statement for Delray Mfg. (a manufacturer) Assume that its cost of goods manufactured is $534,390.

Let's Practice! Practice Problem \#1 A. Given the following selected account balances of Delray Mfg, prepare its schedule of cost of goods manufactured for the year ended December 31 , 2017 B. Prepare an income statement for Delray Mfg. (a manufacturer) Assume that its cost of goods manufactured is $534,390