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Sales $ 1, 400, 000 Raw materials inventory, beginning 60, 000 Work in process inventory, beginning 78, 000 Finished goods inventory, beginning 101, 000 Raw materials purchases 276, 000 Direct labor 331, 000 Indirect labor 50, 000 Repairs-Factory equipment 40, 000 Rent cost of factory building 80, 000 Selling expenses 128, 000 General and administrative expenses 205, 000 Raw materials inventory, ending 72, 000 Work in process inventory, ending 94, 000 Finished goods inventory, ending 121, 000 :03 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $749,000 DELRAY MANUFACTURING Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold $ Net income