Prepare the income statement for Quality Aquatic Company in E2-25A for the most recent year. Assume that the company sold 33,000 units of its product at a price of $14 each during the year.

Transcribed Image Text:

Begi End of Year inning End of Raw materials inventory Work in process inventory Year $29,000 $31,000 Insurance on plant S36,000 $30,000 Depreciation-plant building and Year $10,500 $13,000 equipment airs and maintenance-plant Finished goods inventory Purchases of direct materials Direct labor Indirect labor 4,000 573,000 Marketing expenses $89,000 General and administrative expense $42,000 $83,000