Prepare an income statement for Delray Mfg. (a manufacturer). Required information The following selected account balances are provided for Delray Mfg. Sales $ 1,081,000 Raw materials inventory, Dec. 31, 2016 36,000 Work in process inventory, Dec. 31, 2016 51,800 Finished goods inventory, Dec. 31, 2016 67,500 Raw materials purchases 178,700 Direct labor 245,000 Factory computer supplies used 19,200 Indirect labor 60,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 106,000 General and administrative expenses 130,000 Raw materials inventory, Dec. 31, 2017 43,000 Work in process inventory, Dec. 31, 2017 41,000 Finished goods inventory, Dec. 31, 2017 73,500
