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! Required information 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 $ 1,466,000 37,000 53,100 62,200 160,600 245,000 18,300 41,000 5,250 54,000 106,000 131,000 45,200 38,800 67,000 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 $ 1,466,000 62,200 Cost of goods available for sale 62,200 Cost of goods sold 62,200 1,403,800 Operating expenses 0 Total operating expenses Operating income $ 1,403,800