! Required information [The following information applies to the questions displayed below.] 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 $ 1,600,000 68,000 88,000 114,000 313,000 376,000 56,000 45,000 90,000 144,000 General and administrative expenses 230,000 Raw materials inventory, ending 82,000 Work in process inventory, ending Finished goods inventory, ending 106,000 137,000 Repairs-Factory equipment Rent cost of factory building Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $848,000. DELRAY MANUFACTURING Income Statement Sales Cost of goods sold: For Year Ended December 31 $ 1,600,000 Finished goods inventory, beginning Cost of goods manufactured $ 114,000 Goods available for sale 114,000 Less: Finished goods inventory, ending 137,000 Cost of goods sold (23,000) Gross profit Selling expenses 144,000 General and administrative expenses 230,000 Net income $ (374,000)|