prepare the income statement

Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 20117 Sales Cost of goods sold 1,355,000 Cost of goods manufactured Finished goods inventory, December 31, 2016 525,550 60,800 ces 586,350 Cost of goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold 69,000 517,350 837,650 Gross proft Operating expenses 91,000 Advertising expense General and administrative expenses 133,000 224,000 $ 613,650 Total operating expenses Onerating income Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. $ 1,355,000 40, 000 57,700 Finished goods inventory, Dec. 31, 2016 .. laa /60,800 187,800 246,000 22,500 44 000 5,250 56,000 91,000 133, 000 49,500 44,600 69,000 Sales Raw materials inventory, Dec. 31, 2016 Work in process 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, Pec. 31, 2017