Required Information Use the following Information for the Exercises below. The following selected account balances are provided for Delray Mfg. 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 $ 1,423,000 37,000 53,900 67,600 152, 100 247, eee 22,900 49 , e 5,250 52,000 109,000 137,000 46,100 41,100 66,700 Exercise 14-13 Prepare schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of goods manufactured for the current year ended December 31. 2 WELL 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 247,000 22,900 49,880 5,250 52, eee 109,000 137, eee 46,180 41,100 66,700 Exercise 14-13 Prepare schedule of cost of goods manufactured LO P2 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 $ 0 Factory overhead 0 Total factory overhead costs Total manufacturing costs Total cost of work in process 0 Cost of goods manufactured $ 0 . Type here to search C Required Information Use the following Information for the Exercises below. The following selected account balances are provided for Deltay Mfg $ 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 1,423, eee 37,000 53,900 67,600 152,1ee 247, eee 22,900 49,00 5,250 52, eee 109, eee 137,600 46,1ee 41,1ee 66,700 Exercise 14-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer DELRAY MFG Income Statement For Year Ended December 31, Year 1 Sales Cost of goods sold Finished goods inventory beginning $ Cost of goods manufactured $ 1,423,000 67,600 67,600 Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses 67,600 1,355,400 Advertising expense General and administrative expenses Total operating expenses Operating income 0 $ 1,355,400
