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Please help me with this problem. Thank you! Required information Use the following information for the Exercises below. The following selected account balances are provided
Please help me with this problem. Thank you!
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 $ 1,126,000 35,000 54,600 66,600 173,500 239,000 15,800 59,000 5,250 52,000 89,000 126,000 43,200 41,700 73,100 Exercise 1-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. 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 66,600 Operating expenses Advertising expense General and administrative expenses Total operating expenses Operating income $Step by Step Solution
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