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 $ 1,300,000 Raw materials inventory, beginning 56,000 Work in process inventory, beginning 73,000 Finished goods inventory, beginning 95,000 Raw materials purchases 258,000 Direct labor 310,000 Indirect labor 47,000 Repairs-Factory equipment 38,000 Rent cost of factory building 76,000 Selling expenses 122,000 General and administrative expenses 195,000 Raw materials inventory, ending 67,000 Work in process inventory, ending 88,000 Finished goods inventory, ending 114,000 Prepare an Income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $703,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ 10 Beck Manufacturing reports the following information in T-accounts for the current year. Debit 3 points Beginning Purchases Available for use Skipped 52,000 Ending Debit eBook Beginning DM used Direct labor Overhead Raw Materials Inventory Credit 11,200 50,000 61,200 DM used 9,200 Work in Process Inventory Credit 15,200 52,000 32,900 65,500 165,600 Cost of goods manufactured 14,800 Finished Goods Inventory Credit 21,100 150,800 171,900 Cost of goods sold 20,300 Hint 150,800 Ending Print Debit Beginning Cost of goods manufactured Available for sale References 151,600 Ending 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the vear. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials: Raw materials available for use 0 Direct materials used $ 0 Factory overhead: Total manufacturing costs 0 Total cost of work in process 0 Cost of goods manufactured $ 0 Compute cost of goods sold for the year. BECK MANUFACTURING Partial Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale 0 Cost of goods sold 02 0