Exercise 18-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. la manufacturer) DELRAY MFG Income Statement For Year Ended December 31, 2017 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. $1,400,000 43,000 53,000 60,500 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 cont 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 185,800 233,000 18,800 54,000 5,250 59,000 91,000 131,000 41,200 45,200 72,000 Exercise 18-13 Preparation of schedule of cost of goods manufactured LO P2 Prepare Its schedule of cost of goods manufactured for the year ended December 31, 2017 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct materials Raw materials available for use Direct materials used Factory overhead: Total factory overhead costs Total manufacturing costs