! Required information 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 $ 1,141,000 43,000 51,600 67,000 174,300 230,000 24,100 59,000 5,250 50,000 82,000 142,000 41,200 43,000 73,800 Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales Cost of goods sold Finished goods inventory, ending $ Cost of goods manufactured $ 1,410,000 67,000 67,000 Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses 67,000 1,343,000