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 $ 1,118,000 40,000 54,600 66,900 171,000 244,000 16,600 43,000 5, 250 52,000 81,000 136,000 47,100 46,200 67,900 Exercise 18-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer) Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 2017 $ 1,118,000 Sales Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income