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 $ 1,850,000 Raw materials inventory, beginning 78,000 Work in process inventory, beginning 101,000 Finished goods inventory, beginning 131,000 Raw materials purchases 359,000 Direct labor 431,000 Indirect labor 65,000 Repairs-Factory equipment 52,000 Rent cost of factory building 104,000 Selling expenses 166,000 General and administrative expenses 266,000 Raw materials inventory, ending 94,000 Work in process inventory, ending 121,000 Finished goods inventory, ending 157,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $975,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold Net income $ 0