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Use the following selected account balances of Delray Manufacturing for the year ended December 31....

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Accounting

Use the following selected account balances of Delray Manufacturing for the year ended December 31.

Sales $ 900,000
Raw materials inventory, beginning 40,000
Work in process inventory, beginning 52,000
Finished goods inventory, beginning 68,000
Raw materials purchases 184,000
Direct labor 221,000
Indirect labor 33,000
RepairsFactory equipment 26,000
Rent cost of factory building 52,000
Selling expenses 83,000
General and administrative expenses 133,000
Raw materials inventory, ending 48,000
Work in process inventory, ending 62,000
Finished goods inventory, ending 82,000

Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $498,000.

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\begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ DELRAY MANUFACTURING } & \\ \hline \multicolumn{2}{|c|}{ Income Statement } & \\ \hline Cor Year Ended December 31 & & \\ \hline & & \\ \hline & & \\ \hline Goods available for sale & & \\ \hline & & \\ \hline Cost of goods sold & & \\ \hline & & \\ \hline \end{tabular}

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