ces Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $1,400,000 60,000 78,000 101,000 276,000 331,000 50,000 40,000 80,000 128,000 205,000 72,000 94,000 121,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $749,000. Cost of goods sold: DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income