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 $ 1,497,000 41,000 51,900 65,000 180,900 232,000 21,300 45,000 5,250 51,000 96,000 138,000 42,700 47,800 69,000 Prepare an income statement for Delray Mfa, la manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales Cost of goods sold Finished goods inventory, beginning $ Cost of goods manufactured $ 1,497,000 65,000 Cost of goods available for sale 65,000 Cost of goods sold 65,000 1,432,000 Operating expenses Total operating expenses Operating income 0 $ 1,432,000