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 Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Exercise 18-14 (Static) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold: Cost of goods manufactured Goods available for sale Cost of goods sold Net income: $ 1,250,000 $ 529,700 529,700 529,700 720,300 $ 720,300