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Prepare an income statement for Delray Mfg. (a manufacturer). Required information The following...

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Question

Accounting

Prepare an income statement for Delray Mfg. (a manufacturer).

Required information

The following selected account balances are provided for Delray Mfg.

Sales $ 1,081,000
Raw materials inventory, Dec. 31, 2016 36,000
Work in process inventory, Dec. 31, 2016 51,800
Finished goods inventory, Dec. 31, 2016 67,500
Raw materials purchases 178,700
Direct labor 245,000
Factory computer supplies used 19,200
Indirect labor 60,000
RepairsFactory equipment 5,250
Rent cost of factory building 57,000
Advertising expense 106,000
General and administrative expenses 130,000
Raw materials inventory, Dec. 31, 2017 43,000
Work in process inventory, Dec. 31, 2017 41,000
Finished goods inventory, Dec. 31, 2017 73,500

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