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 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 General and administrative expenses 129,300 42,700 41,500 67,300 Repairs-Factory equipment Rent cost of factory building Selling expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Exercise 1-14 (Static) Income statement preparation LO P1 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300. Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 $ 0