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Required information The following selected account balances are provided for Delray Mfg. $1,207,000 40,000 50,400 Sales Raw materials inventory, beginning Work in process inventory, beginning
Required information The following selected account balances are provided for Delray Mfg. $1,207,000 40,000 50,400 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 62,000 161,800 233,000 15,300 41,000 5,250 52,000 99,000 130,000 46,400 43,900 67,300 Prepare its schedule of cost of goods manufactured for the current year ended December 31. DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, Year 1 Direct materials Raw materials available for use Direct materials used Factory overhead: Total factory overhead costs Total manufacturing costs Total cost of work in process Cost of goods manufactured Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income
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