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 $ 2,650,000 Raw materials inventory, beginning 110,000 Work in process inventory, beginning 143, 000 Finished goods inventory, beginning 186,000 Raw materials purchases 506, 000 Direct labor 607, 000 Indirect labor 91,000 Repairs-Factory equipment 73,000 Rent cost of factory building 146, 000 Selling expenses 234, 000 General and administrative expenses 374,000 Raw materials inventory, ending 132,000 Work in process inventory, ending 172, 000 Finished goods inventory, ending 223, 000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000.Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Sales $ 2,650,000 Cost of goods sold: Finished goods inventory, beginning $ 186,000 Cost of goods manufactured 1,372,000 Goods available for sale 1,558,000 Less: Finished goods inventory, ending 223,000 Cost of goods sold 1,335,000 Gross profit 1,315,000 234,000 Net income $ 1,081,000