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 $ 1,469,000 42,000 52,600 68,100 178,300 248,000 22,700 58,000 5,250 Exercise 14-14 Income statement preparation LO P2 51,000 89,000 125,000 48,200 45,500 73,600 Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Cost of goods available for sale Cost of goods sold Operating expenses $ 69 $ 1,469,000 68,100 68,100 68,100 1,400,900 Total operating expenses Operating income 0 $ 1,400,900