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 Pent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 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 Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses Advertising expense General and administrative expenses Total operating expenses Operating income $ 63,000 63,000 $ 1,374,000 39,000 52,000 63,000 189,200 223,000 19,400 47,000 5,250 58,000 96,000 143,000 49,300 46,800 73,000 $ 1,374,000 63,000 1,311,000 0 $ 1,311,000