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

Sales $ 1,150,000
Raw materials inventory, beginning 50,000
Work in process inventory, beginning 65,000
Finished goods inventory, beginning 85,000
Raw materials purchases 230,000
Direct labor 276,000
Indirect labor 41,000
RepairsFactory equipment 33,000
Rent cost of factory building 66,000
Selling expenses 106,000
General and administrative expenses 170,000
Raw materials inventory, ending 60,000
Work in process inventory, ending 78,000
Finished goods inventory, ending 102,000

Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $623,000.

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