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Use the following selected account balances of Delray Manufacturing for the year ended December $31.$

Sales $ $2,850,000$

Raw materials inventory, beginning $118,000$

Work in process inventory, beginning $153,000$

Finished goods inventory, beginning $199,000$

Raw materials purchases $543,000$

Direct labor $652,000$

Indirect labor $98,000$

Repairs$$Factory equipment $78,000$

Rent cost of factory building $156,000$

Selling expenses $250,000$

General and administrative expenses $400,000$

Raw materials inventory, ending $142,000$

Work in process inventory, ending $184,000$

Finished goods inventory, ending $239,000$

Exercise $14-14($Algo$)$ Income statement preparation LO P$1$

Prepare an income statement for Delray Manufacturing $($a manufacturer$).$ Assume that its cost of goods manufactured is $$1,472,000.$