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My account Chapter 1 Homework Saved Exercise 1-14 Income statement preparation LO P2 6 Following are the selected account balances of Delray Mfg. 2. points 1,250,000 eBook Sales Raw materials inventory, Dec 31, 2014 Work in process inventory, Dec 31, 2014 Finished goods inventory, Dec 31, 2014 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, 2015 Work in process inventory, Dec. 31, 2015 Finished goods inventory, Dec. 31, 2015 Print 37,000 53,900 62,750 175,600 225,000 17,840 47,000 5,250 57,000 94,000 129,300 42,700 41,500 67,300 References Prepare an income statement for Delray Mfg. (a manufacturer). Assume that its cost of goods manufactured is $534,390. goods manufactured is $534,390. DELRAY MFG. Income Statement For Year Ended December 31, 2015 $ 1,250,000 Cost of goods sold: Finished goods inventory, Dec. 31, 2014 Cost of goods manufactured 62,750 Cost of goods available for sale Less: Finished goods inventory, Dec. 31, 2015 Cost of goods sold 62,750 1,187,250 Operating expenses: Advertising expense General and administrative expenses Total operating expenses Operating income 0 $ 1,187,250