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Use the following selected account balances of Delray Manufacturing for the year ended December 31.
| Sales | $ 900,000 |
| Raw materials inventory, beginning | 40,000 |
| Work in process inventory, beginning | 52,000 |
| Finished goods inventory, beginning | 68,000 |
| Raw materials purchases | 184,000 |
| Direct labor | 221,000 |
| Indirect labor | 33,000 |
| RepairsFactory equipment | 26,000 |
| Rent cost of factory building | 52,000 |
| Selling expenses | 83,000 |
| General and administrative expenses | 133,000 |
| Raw materials inventory, ending | 48,000 |
| Work in process inventory, ending | 62,000 |
| Finished goods inventory, ending | 82,000 |
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $498,000.
\begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ DELRAY MANUFACTURING } & \\ \hline \multicolumn{2}{|c|}{ Income Statement } & \\ \hline Cor Year Ended December 31 & & \\ \hline & & \\ \hline & & \\ \hline Goods available for sale & & \\ \hline & & \\ \hline Cost of goods sold & & \\ \hline & & \\ \hline \end{tabular}
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