Use the following information for the Exercises below. 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 $ 1,250,000 37,000 53,900 62,750 175,600 225,000 17,840 47,000 5,250 57,000 94,000 129, 300 42,700 41,500 67,300 Exercise 14-14 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, Year 1 Cost of goods sold Cost of goods available for sale 0 Cost of goods sold 0 Operating expenses Total operating expenses Operating income olo $ 7