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 $ 1,250,000 54,000 70,000 91,000 248,000 298,000 45,000 Repairs-Factory equipment 36,000 Rent cost of factory building 72,000 Selling expenses 115,000 General and administrative expenses 184,000 Raw materials inventory, ending 65,000 Work in process inventory, ending 84,000 Finished goods inventory, ending 109,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $674,000. Cost of goods sold: DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income 0 0 $ 0