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 Rav 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 $ 1,150,000 50,000 65,000 $5,000 230,000 276,000 41,000 33,000 66,000 106,000 170,000 Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 60,000 78,000 102,000 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 $623,000. Cost of goods sold DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold 0 o