! Required information Dell-Ray, a manufcaturing entity, has the following account balances: 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 $ 1,158,000 39,000 58,700 67,500 153,000 227,000 24,600 42,000 5,250 51,000 108,000 140,000 45,200 45,200 74,300 Above, you have been provided financial information for the manufacturing company Dell-Ray. Based on this data, pre statement for the year for the year. DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales Cost of goods sold Finished goods inventory, beginning $ Cost of goods manufactured $ 1,158,000 67,500 Cost of goods available for sale 67,500 DELRAY MFG. Income Statement For Year Ended December 31, Year 1 Sales $ 1,158,000 Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured 67,500 Cost of goods available for sale 67,500 Cost of goods sold 67,500 1,090,500 Operating expenses 0 Total operating expenses Operating income $ 1,090,500