UUSURHED Prepare the income statement for Blue Sea 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 33,000 units of its product at a price of $10 each during the year. (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold) Blue Sea Company Income Statement For Current Year Inco (0/1) Beginning End of End of of Year Year Year Raw materials inventory .......$ 23,000 $ 33,000 Insurance on plant....... .........$ 8,500 Work in process inventory....... 40,000 $ 37,000 Depreciation-plant building and equipment .... $ 13,300 Finished goods inventory ........$ 20,000 $ 27,000 Repairs and maintenance-plant.... ..$ 4,200 Purchases of direct materials $ 78,000 Marketing expenses..... ... ..$ 79,000 Direct labor $ 83,000 General and administrative expenses ...... $ 26,500 Indirect labor.... . $ 44,000 Reference om Blue Sea Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor 40,000 68,000 83,000 70,000 Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory 261,000 37,000 Cost of goods manufactured (CGM) 224,000 Blue Sea 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 20,000 224,000 244,000 27,000 217,000