Prepare the income statement for West Nautical Company for the most recent year. Use the calculation...

   

Transcribed Image Text:

Prepare the income statement for West Nautical Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 38,000 units of its product at a price of $12 each during the year. (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Data table Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning of Year $ $ $ 28,000 $ 35,000 $ 19,000 $ $ $ $ End of Year 32,000 Insurance on plant 27,000 29,000 Repairs and maintenance-plant 76,000 Marketing expenses 89,000 General and administrative expenses 37,000 Depreciation-plant building and equipment End of Year I $ 10,500 $ 12,700 $ 4,000 $ 84,000 $ 25,500 West Nautical Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured (CGM) $ $ $ CA 35,000 72,000 89,000 64,200 260,200 27,000 233,200 West Nautical Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold $ $ 19,000 233,200 252,200 29,000 223,200 Prepare the income statement for West Nautical Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 38,000 units of its product at a price of $12 each during the year. (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Data table Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning of Year $ $ $ 28,000 $ 35,000 $ 19,000 $ $ $ $ End of Year 32,000 Insurance on plant 27,000 29,000 Repairs and maintenance-plant 76,000 Marketing expenses 89,000 General and administrative expenses 37,000 Depreciation-plant building and equipment End of Year I $ 10,500 $ 12,700 $ 4,000 $ 84,000 $ 25,500 West Nautical Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured (CGM) $ $ $ CA 35,000 72,000 89,000 64,200 260,200 27,000 233,200 West Nautical Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold $ $ 19,000 233,200 252,200 29,000 223,200

Answer rating: 100% (QA)

Step 1 Meaning of income statement An income statement is a financial statement prepared by a compan... View the full answer