! 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 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 $ 1,350,000 58,000 75,000 98,000 267,000 320,000 48,000 38,000 76,000 122,000 195,000 70,000 90,000 118,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $722,000.