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 $ 1,030,000 38,000 58,700 60,900 187,200 246,000 18,500 46,000 5,250 51,000 90,000 134,000 44,400 45,300 70,600 Exercise 14-14 Income statement preparation LO P2 Exercise 14-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales $ 1,030,000 Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured $ 60,900 60,900 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 60,900 969,100 0 Total operating expenses Operating income $ 969,100