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 $ 1,074,000 42,000 55,700 69,600 161,600 224,000 18,000 49,000 5,250 51,000 98,000 142,000 49,500 45,700 69,100 Exercise 18-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer). Required information Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 2017 Sales $ 1,074,000 Cost of goods sold Finished goods inventory, December 31, 2016 Cost of goods manufactured $ 69,600 69,600 Cost of goods available for sale Less: Finished goods inventory, December 31, 2017 Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses 69,600 1,004,400 0 Total operating expenses Operating income $ 1,004,400