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 $ 1,150,000 50,000 65,000 85,000 230,000 276,000 41,000 Indirect labor Repairs-Factory equipment 33,000 Rent cost of factory building 66,000 Selling expenses 106,000 General and administrative expenses 170,000 Raw materials inventory, ending 60,000 Work in process inventory, ending 78,000 Finished goods inventory, ending 102,000 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 $623,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold Net income