please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales $ 1, 300, 000 Raw materials inventory, beginning 56, 000 Work in process inventory, beginning 73, 000 Finished goods inventory, beginning 95, 000 Raw materials purchases 258, 000 Direct labor 310 , 000 Indirect labor 47 , 000 Repairs-Factory equipment 38 , 000 Rent cost of factory building 76, 000 Selling expenses 122, 000 General and administrative expenses 195, 000 Raw materials inventory, ending 67, 000 Work in process inventory, ending 88 , 000 Finished goods inventory, ending 114, 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 $703,000