7 Part 2 of 2 Required information The following selected account balances are provided for Delray Mfg. 2.58 points Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,425,000 44,000 59,800 61,700 176,600 231,000 21,500 51,000 5,250 54,000 97,000 132,000 40,500 40,900 73,500 Prepare an income statement for Delray Mfg. (a manufacturer). er Answer is not complete. DELRAY MFG. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Cost of goods manufactured s 645,200 $ Finished goods inventory, December 31, 2016 61,700 $ 1,425,000 706,900 OG Cost of goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses Indirect labor 706,900 718,100 unt .com 97.000 er - x Total operating expenses Operating income 97.000 621,100 $ Mc Grow HGH