Use the following selected account balances of Delray Manufacturing for the year ended December 31, Salos 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 Pinished goodo inventory, ending $ 1,100,000 48,000 62,000 81,000 221,000 265,000 40,000 32,000 64,000 102,000 163,000 58,000 74,000 97,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $600,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $600,000. $ 11,000,000 Answer is not complete. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning $191,000 Raw materials purchases X 221,000 Direct labor 26,500 Goods available for sale 438,500 Less: Finished goods inventory, ending 229,000 Cost of goods sold Gross profit General and administrative expenses > OO 209,500 10,790,500 163,000 Net Income 40,100 S 10,587,400 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $600,000. DELRAY MANUFACTURING $ 11,000,000 Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory beginning $ Raw materials purchases Direct labor Goods available for sale Less: Finished goods inventory ending Cost of goods sold Gross profit General and administrative expenses 191,000 221,000 26,500 438,500 229,000 209,500 10.790,500 163,000 40,1001 $ 10,587,400 Net income