Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods 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, Dec. 31, 2017 $ 1,253,000 42,000 52,900 61,100 190, 200 232,000 24,900 56,000 5,250 55,000 97,000 144,000 41,800 44,400 74,700 Exercise 18-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer). Exercise 18-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Finished goods inventory, December 31, 2016 $ $ 1,253,000 61,100 Cost of goods available for sale 61,100 Cost of goods sold 61,100 1,191,900 Operating expenses Total operating expenses Operating income $ 1,191,900