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 $ 2,400,000 100,000 130,000 169,000 460,000 552,000 Indirect labor 83,000 Repairs-Factory equipment 66,000 Rent cost of factory building 132,000 Selling expenses 211,000 General and administrative expenses 338,000 Raw materials inventory, ending 120,000 Work in process inventory, ending 156,000 Finished goods inventory, ending 203,000 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 $1,247,000. DELRAY MANUFACTURING 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 $1,247,000. Cost of goods sold: DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale 0 Cost of goods sold Net income 0 $ 0