Prepare the income statement for West Nautical Company in E2-31A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.

Data From E2-31A:-

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

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Beginning of Year End of Year End of Year Raw materials inventory. $23,000 $25,000 Insurance on plant.. $ 11,500 Work in process inventory........ $35,000 $31,000 Depreciation-plant building and equipment....... $ 13,400 Finished goods inventory.......... $20,000 $22,000 Repairs and maintenance-plant... $ 3,700 Purchases of direct materials $74,000 Marketing expenses. $ 77,000 Direct labor Indirect labor. $86,000 $42,000 General and administrative expenses... $ 28,500