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 Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 1,350,000 58,000 75,000 98,000 267,000 320,000 48,000 38,000 76,000 122,000 Raw materials inventory, ending General and administrative expenses 195,000 70,000 Work in process inventory, ending Finished goods inventory, ending 90,000 118,000 Repairs-Factory equipment Rent cost of factory building Selling expenses Exercise 14-14 (Algo) Income statement preparation LO P1 < Prev of 10 Next > Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $722,000. Cost of goods sold DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income 0 $ 0