Prepare the income statement for Golden Bay Company using the data in E2-45B 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.

Data From E2-45B:-

Compute the Cost of Goods Manufactured and Cost of Goods Sold for Golden Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.

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