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This income statement is missing items, it just needs more information in the statement but I can't figure out what would go where Required Information
This income statement is missing items, it just needs more information in the statement but I can't figure out what would go where
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 1.261. sea 37,888 53, sea 67,800 189,48a 228, Bea 17,488 41. Bea 5,250 51. Bea 96, eee 132. Dee 47.229 41.200 71. eee Exercise 18-14 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 $ 1,261,000 Cost of goods sold Finished goods inventory, beginning s 67,800 Cost of goods available for sale Less: Finished goods inventory, ending 67.800 71.000 Gross profit Operating expenses Advertising expense General and administrative expenses r 132.000 Total operating expenses Operating income $ 228,000)Step by Step Solution
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