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[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 | $ 2,400,000 |
| Raw materials inventory, beginning | 100,000 |
| Work in process inventory, beginning | 130,000 |
| Finished goods inventory, beginning | 169,000 |
| Raw materials purchases | 460,000 |
| Direct labor | 552,000 |
| Indirect labor | 83,000 |
| RepairsFactory equipment | 66,000 |
| Rent cost of factory building | 132,000 |
| Selling expenses | 211,000 |
| General and administrative expenses | 338,000 |
| Raw materials inventory, ending | 120,000 |
| Work in process inventory, ending | 156,000 |
| Finished goods inventory, ending | 203,000 |
Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,247,000.
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