Prepare an income statement for Delray Mfg. (a manufacturer). Answer is complete but not entirely correct. DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales $ 1,051,000 Cost of goods sold Finished goods inventory, beginning 62,000 Cost of goods manufactured 497,500 Is 559,500 70,300 Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses General and administrative expenses Advertising expense 489,200 561,800 140,000 93,000 Total operating expenses Operating income 233,000 328,800 $ Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,051,000 44,000 51,000 62,000 153,400 242,000 15,800 46,000 5,250 51,000 93,000 140,000 48,600 46,500 70,300