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 $ 1,450,000 62,000 81,000 105,000 285,000 342,000 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 97,000 126,000 Finished goods inventory, ending 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. Sales Cost of goods sold DELRAY MANUFACTURING Income Statement For Year Ended December 31 Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Cost of goods sold $1,450,000 $ 105,000 105,000 105,000 1,345,000 Net income $ 1,345,000