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

$$1,500,000$

$64,000$

$83,000$

$108,000$

$294,000$

$353,000$

$53,000$

$42,000$

$84,000$

$134,000$

$214,000$

$77,000$

$100,000$

$130,000$

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 $$796,000.$