Exercise 18-14 Income statement preparation LO P2

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

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Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. 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 Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $1,148,000 42,000 55,000 66,600 167,000 239,000 17,800 42,000 5,250 54,000 94,000 126,000 42,900 40,000 74,100 Reguli eu llUIIIIDLIUI $ 1,148,000 Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Finished goods inventory, December 31, 2016 $ Cost of goods manufactured 66,600 66,600 Cost of goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses 66,600 1,081,400 Total operating expenses Operatina income | $ 1,081,400