Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 2,800,000 116,000 151,000 196,000 534,000 641,000 96,000 Repairs-Factory equipment 77,000 Rent cost of factory building 154,000 Selling expenses 246,000 General and administrative expenses 394,000 Raw materials inventory, ending 139,000 Work in process inventory, ending 181,000 Finished goods inventory, ending 235,000 Exercise 14-14 (Algo) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is DELRAY MANUFACTURING Income Statement Required information Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,449,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Salos Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income 0 $ Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor $ 2,800,000 116,000 151,000 196,000 534,000 641,000 Indirect labor 96,000 Repairs-Factory equipment 77,000 Rent cost of factory building 154,000 Selling expenses 246,000 General and administrative expenses 394,000 Raw materials inventory, ending 139,000 Work in process inventory, ending 181,000 Finished goods inventory, ending 235,000 Exercise 14-13 (Algo) Preparing schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of goods manufactured for the year ended December 31. DELRAY MANUFACTURING Schedule of Cost of Goods Manufactured Required information Direct materials Raw materials available for use $ 0 Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total cost of work in process Cost of goods manufactured $ 0 $ 0 0 0 $ 0