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

$$1,250,000$

$37,000$

$53,900$

$62,700$

$175,600$

$225,000$

$47,000$

$23,000$

$57,000$

$94,000$

$129,300$

$42,700$

$41,500$

$67,300$

Prepare an income statement for Delray Manufacturing $($a manufacturer$).$ Assume that its cost of goods manufactured is $$534,300.$

$\backslash$table$[[$DELRAY MANUFACTURING$],[$Income Statement,,$],[$Sales Year Ended December $31,1,250,000,],[$Cost of goods sold:,,$],[$Finished goods inventory, beginning,,$],[$Cost of goods manufactured,,$],[$Goods available for sale,,$],[$Less: Finished goods inventory, ending,,$],[$Cost of goods sold,,$],[,,],[,,],[,,],[$Net income,,$]]$