Prepare the income statement for Golden Bay Company using the data in E2-38B for the most recent year. Assume that the company sold 39,000 units of its product at a price of $15 each during the year.

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Beginning of Year End of Year End of Year Raw materials inventory . Work in process inventory. Finished goods inventory. Purchases of direct materials. Direct labor Indirect labor. Insurance on plant.. Depreciation-plant building and equipment. Repairs and maintenance-plant. Marketing expenses. General and administrative expenses. $ 7,500 $13,100 $ 4,400 $25,000 $33,000 $42,000 $36,000 $28,000 $21,000 $79,000 $76,000 $26,500 $84,000 $46,000