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 $ 1,414,000 44,000 50,900 69,500 178,700 224,000 24,700 52,000 5,250 55,000 94,000 128,000 45,100 39,200 66,300 Exercise 14-14 Income statement preparation LO P2 Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Cost of goods sold Cost of goods available for sale Cost of goods sold + Operating expenses Total operating expenses Operating income