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The following selected account balances are provided for Delray Mfg. Sales $ 1,220,000 Raw materials inventory,...

The following selected account balances are provided for Delray Mfg.

Sales $ 1,220,000
Raw materials inventory, beginning 41,000
Work in process inventory, beginning 57,800
Finished goods inventory, beginning 63,900
Raw materials purchases 199,900
Direct labor 232,000
Factory supplies used (indirect materials) 23,700
Indirect labor 48,000
Repairs—Factory equipment 5,250
Rent cost of factory building 54,000
Advertising expense 110,000
General and administrative expenses 140,000
Raw materials inventory, ending 40,000
Work in process inventory, ending 42,200
Finished goods inventory, ending 72,300

Prepare an income statement for Delray Mfg. (a manufacturer)

DELRAY MFG.
Income Statement
For Year Ended December 31, Year 1
Sales $1,220,000
Cost of goods sold
Cost of goods manufactured
Cost of goods available for sale 0
Less: Finished goods inventory, ending
Cost of goods sold 0
Gross profit
Operating expenses
Advertising expense
General and administrative expenses
Total operating expenses 0
Operating income $0

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