Required Information 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 1,166,000 37,000 53,500 65, 100 179, 200 235,000 15,400 43,000 5,250 57,000 83,000 44,700 46,100 68,500 or Prepare its schedule of cost of goods manufactured for the year ended December 31, 2017 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct materials Raw materials available for use Direct materials used Factory overhead: Total factory overhead costs Total manufacturing costs 1 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, 2017 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income Listed here are the total costs associated with the 2017 production of 1,000 drum sets manufactured by TrueBeat. The drum sets sell for $514 each Costs 1. Plastic for casing-$17,000 2. Wages of assembly workers-$87,000 3. Property taxes on factory-$7,000 4. Accounting staff salaries-$30,000 5. Drum stands (1,000 stands purchased)-$35,000 6. Rent cost of equipment for sales staff-$24,000 7 Upper management salaries-$190,000 8. Annual flat fee for factory maintenance service-$16, 9. Sales commissions-$20 per unit 10. Machinery depreciation, straight-line-$46, eee 000 Required: 1. Classify each cost and its amount as (a) either variable or fixed and (b) either product or period. (The first cost is completed as an example.) Cost by Bebe Cost by Behavior Variable $ 17.000 Cost by Function Product Period $ 17,000 UN Costs 1. Plastic for casing 2. Wages of assembly workers 3. Property taxes on factory 4. Accounting staff salaries 5. Drum stands 6. Rent cost of equipment for sales staff 7. Upper management salaries Annual flat fee for factory maintenance service 9. Sales commissions 10. Machinery depreciation, straight-line TTTT 1 I. II. III TTTT | RAL 2. Wages of assembly workers-$87,000 3. Property taxes on factory-$7,000 4. Accounting staff salaries-$30,000 5. Drum stands (1,000 stands purchased)-$35,000 6. Rent cost of equipment for sales staff-$24,000 7. Upper management salaries-$190,000 8. Annual flat fee for factory maintenance service-$16,000 9. Sales commissions-$20 per unit 10. Machinery depreciation, straight-line-$46,000 2. Calculate the manufacturing cost per drum set. TrueBeat Calculation of Manufacturing Cost per Drum Set For Year Ended December 31, 2017 Item Total cost Per unit cost Variable production costs 11 JULI Total variable production costs Fixed production costs Total fuced production costs Total production cost