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 $ 2,750,000 114,000 148,000 192,000 524,000 629,000 94,000 75,000 150,000 240,000 384,800 137,000 178,000 230,000 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 $1.419,000 DELRAY MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory beginning Cost of goods manufactured 0 Goods available for sale Less: Finished goods inventory ending Cost of goods sold Gross profit 0 $ Net income E D