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Use the following selected account balances of Delray Manufacturing for the year ended December 31.
Sales | $ 1,150,000 |
---|---|
Raw materials inventory, beginning | 50,000 |
Work in process inventory, beginning | 65,000 |
Finished goods inventory, beginning | 85,000 |
Raw materials purchases | 230,000 |
Direct labor | 276,000 |
Indirect labor | 41,000 |
RepairsFactory equipment | 33,000 |
Rent cost of factory building | 66,000 |
Selling expenses | 106,000 |
General and administrative expenses | 170,000 |
Raw materials inventory, ending | 60,000 |
Work in process inventory, ending | 78,000 |
Finished goods inventory, ending | 102,000 |
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $623,000.
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