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 $ 1,050,000 46,000 60,000 78,000 212,000 254,000 38,000 30,000 60,000 96,000 154,000 55,000 72,000 94,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $573 Answer is not complete. DELRAY MANUFACTURING Required information S $ 1.050,000 Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning IS Cost of goods manufactured 78,000 78,000 94,000 (16,000) Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Selling expenses Net income 154,000 94,000 30,000 96,000 S (374,000)