Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales $1,165,000 Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31l, 2016 Raw materials purchases Direct labor 42,000 55,400 61,800 155,300 232,000 Factory computer supplies used Indirect labor 22,400 44,000 Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses 5,250 51,000 94,000 140,000 Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 48,400 46,900 65,100 Exercise 1-14 Income statement preparation LOo 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 Sales $1,165,000 Cost of goods sold $ Finished goods inventory, December 31, 2016 61,800 Cost of goods manufactured Cost of goods available for sale 61,800 Cost of goods sold 61,800 Gross profit 1,103,200 Operating expenses Advertising expense General and administrative expenses Total operating expenses Operating income 1,103,200