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 $ 2,500,000 104,000 135,000 176,000 478,000 574,000 86,000 69,000 138,000 221,000 354,000 125,000 162,000 211,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,297,000. Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,297,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold Net income