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.
Data from E2-26A

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Beginning of Year $23,000 End of Year End of Year Raw materials inventory. Work in process inventory. Finished goods inventory.. Purchases of direct materials. Direct labor Indirect labor. Insurance on plant.. Depreciation-plant building and equipment. Repairs and maintenance-plant. Marketing expenses. General and administrative expenses. $25,000 $ 11,500 $31,000 $35,000 $ 13,400 $ 3,700 $20,000 $22,000 $74,000 $77,000 $ 28,500 $86,000 $42,000