Prepare the income statement for South Marine Company for the most recent year, using the information in E2-41B. Assume that the company sold 37,000 units of its product at a price of $14 each during the year.

Compute the cost of goods manufactured and cost of goods sold for South Marine Company for the most recent year using the amounts described below. Assume that raw materials inventory contains only direct materials.

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End of Year Beginning End of Year of Year $10,500 44,000 37,000 Depreciation-plant building Work in process inventory Finished goods inventory Purchases of direct materials. Direct labour Indirect labour 13,400 4,300 78,000 .13,000 and equupment 76,000 Repairs and maintenance-plant 81,000 Marketing expen 41,000