! Required information Use the following information for the Exercises below. (Algo) 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 $ 1,450,000 Raw materials inventory, beginning 62,000 Work in process inventory, beginning 81,000 Finished goods inventory, beginning 105,000 Raw materials purchases 285,000 Direct labor 342,000 Indirect labor 51,000 Repairs-Factory equipment 41,000 Rent cost of factory building 82,000 Selling expenses 131,000 General and administrative expenses 210,000 Raw materials inventory, ending 74,000 Work in process inventory, ending 97,000 Finished goods inventory, ending 126,000 Exercise 14-14 (Algo) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $773.000 Exercise 14-14 (Algo) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $773,000, DELRAY MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold Net income