Question

Prepare an income statement for Delray Mfg. (a manufacturer). Required information The following selected account balances...

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

Required information

The following selected account balances are provided for Delray Mfg.

Sales $ 1,081,000
Raw materials inventory, Dec. 31, 2016 36,000
Work in process inventory, Dec. 31, 2016 51,800
Finished goods inventory, Dec. 31, 2016 67,500
Raw materials purchases 178,700
Direct labor 245,000
Factory computer supplies used 19,200
Indirect labor 60,000
Repairs—Factory equipment 5,250
Rent cost of factory building 57,000
Advertising expense 106,000
General and administrative expenses 130,000
Raw materials inventory, Dec. 31, 2017 43,000
Work in process inventory, Dec. 31, 2017 41,000
Finished goods inventory, Dec. 31, 2017 73,500
Business   Accounting   
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Answer #1
Sales 1081000
Beginning Inventory Balance
Raw materials inventory, Dec. 31, 2016 36000
Work in process inventory, Dec. 31, 2016 51800
Finished goods inventory, Dec. 31, 2016 67500 155300
Raw materials purchases 178700
  
Raw materials inventory, Dec. 31, 2017 43000
Work in process inventory, Dec. 31, 2017 41000
Finished goods inventory, Dec. 31, 2017 73500 157500
Cost of Goods Sold -491500
Direct labor -245000
Gross Profit 344500
Indirect Labour 60000
Repairs—Factory equipment 5250
Factory computer supplies used 19200
Rent cost of factory building 57000
Advertising expense 106000
General and administrative expenses 130000 -377450
Net Loss -32950
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