8. Use the following selected account balances of Delray Manufacturing for the year ended December 31.

Sales	$ 2,650,000
Raw materials inventory, beginning	110,000
Work in process inventory, beginning	143,000
Finished goods inventory, beginning	186,000
Raw materials purchases	506,000
Direct labor	607,000
Indirect labor	91,000
RepairsFactory equipment	73,000
Rent cost of factory building	146,000
Selling expenses	234,000
General and administrative expenses	374,000
Raw materials inventory, ending	132,000
Work in process inventory, ending	172,000
Finished goods inventory, ending	223,000

Prepare income statement for Delray Manufacturing (a manufacturer).Assume that its cost of goods manufactured is $1,372,000.

DELRAY MANUFACTURING
Income Statement
For Year Ended December 31
Cost of goods sold:
Goods available for sale
Cost of goods sold
Net income