A3 4 AB X fx C D E G H 1 Building Blocks of Managerial Accounting 2 Prepare Income Statement 3 4 5 Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab. 6 Beginning of Year 7 Raw materials inventory $ 23,000 End of Year $ 25,000 Insurance on plant End of Year $ 11,500 8 Work in process inventory $ 35,000 $31,000 9 Finished goods inventory $ 20,000 $ 22,000 Depreciation-plant building and equipmen $ 13,400 Repairs and maintenance-plant 3,700 10 Purchases of direct materials $ 74,000 Marketing expenses $ 77,000 11 Direct labor 12 Indirect labor $ 86,000 $ 42,000 General and administrative expenses $ 28,500 13 14 Assume that the company has the following sales during the year: 15 16 17 18 Price per Units sold 34,000 S unit 12 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive fuledit. If you copy/paste from the Instruction tab you will be marked wrong. 19 20 21 Requirement 22 Prepare the income statement for West Nautical Company in for the most recent year. 23 a. Check your spelling carefully and do not abbreviate 24 b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. INSTRUCTIONS Ready Accessibility: Investigate COSTOFGOODSSOLD ENTERANSWER Lamant ERI File Mowe Page Layout Data Formul Review Help Calb W Dubond A6 BID- A Menge Centre Aligomant GET GIMANE OFFICE sekanchetatens and me beavisimua.counting (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) West Nautical Company Income Statement For Current Year D 3 3 7 . 9 10 11 12 11 Operating income 14 15 16 " INSTRUCTIONS COSTONGOODSSOLD ENTERANSWER Type here to search E ii 2 3 C $ 5 6