le tine direct materials used during the year.) E2-26A Compute Cost of Goods Manufactured and Cost of Goods Soled (Learning Objective 5) 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 Beginning End End of Year of Year of Year Raw materials inventory. Work in process inventory Finished goods inventory Purchases of direct materials.... Direct labor Indirect labor. $23,000 $25,000 Insurance on plant. Depreciation-plant building and equipment Repairs and maintenance-plant $13,400 S 3,700 . 77,000 $28,500 $35,000 $31,000 $20,000 $22,000 $74,000 Marketing expenses $86,000 General and administrative expenses.... $42,000 E2-27A Continues E2-26A: Prepare income statement (Learning Objective 5) Prepare the income statement for West Nautical Company in E2-26A 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