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 $ 1,100,000 48,000 62,000 81,000 221,000 265,000 40,000) 32,000 64,000 102,000 General and administrative expenses 163,000 Raw materials inventory, ending 58,000 Work in process inventory, ending 74,000 Finished goods inventory, ending 97,000 Repairs-Factory equipment Rent cost of factory building Selling expenses Exercise 14-14 (Algo) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $600,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Direct labor Cost of goods sold Goods available for sale Cost of goods sold Net income 0 0 0