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 $ 2,550,000 106,000 138,000 179,000 488,000 586,000 Indirect labor 88,000 Repairs-Factory equipment 70,000 Rent cost of factory building 140,000 Selling expenses 224,000 General and administrative expenses 358,000 Raw materials inventory, ending 127,000 Work in process inventory, ending 166,000 215,000 Finished goods inventory, ending Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,323,000. DELRAY MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold: Raw materials inventory, beginning Goods available for sale Cost of goods sold Net income