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The following selected account balances are provided for Delray Mfg. Sales $ 1,472,000 Raw materials inventory,...

The following selected account balances are provided for Delray Mfg.

Sales $ 1,472,000
Raw materials inventory, beginning 36,000
Work in process inventory, beginning 57,200
Finished goods inventory, beginning 68,000
Raw materials purchases 176,300
Direct labor 238,000
Factory supplies used (indirect materials) 21,600
Indirect labor 55,000
Repairs—Factory equipment 5,250
Rent cost of factory building 53,000
Advertising expense 98,000
General and administrative expenses 140,000
Raw materials inventory, ending 48,000
Work in process inventory, ending 45,200
Finished goods inventory, ending 65,100

Prepare an income statement for Delray Mfg. (a manufacturer).

DELRAY MFG.
Income Statement
For Year Ended December 31, Year 1
Sales $1,472,000
Cost of goods sold
Finished goods inventory, beginning $68,000
Cost of goods manufactured
Cost of goods available for sale 68,000
Cost of goods sold 68,000
1,404,000
Operating expenses
Total operating expenses 0
Operating income $1,404,000

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