19 Cut Calibri Copy aste BIU Format Painter Clipboard G 3 A B Font x fx C 12 A A Building Blocks of Managerial Accounting Prepare Income Statement D E F Wrap Text General Merge & Center $%' +000 Alignment Number G e0K1hrCBS8... 9D07jg3qIUf... A8jzISi7t2i2B... Custom Style 1 fNSSPt17Zt4... Conditional Format as gxAtS4p5adv... hyGU9bVW... J8Z/L/9ZPBd... MGg2sc6N/8... nNbtoXB/gq... Formatting Table Styles 11 Insert Delete Format Cells WE AutoSum ATO Fill Clear- Filter Sort & Find & Select Editing. H 1 J K L M N P Q R S T U V W X Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab. Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning of Year End of Year $ 23,000 $ 25,000 End of Year Insurance on plant $ 11,500 $ 35,000 $ 31,000 $ 20,000 $ 22,000 $ 74,000 Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses $ 13,400 $ 3,700 $ 77,000 $ 86,000 General and administrative expenses $ 28,500 $ 42,000 Assume that the company has the following sales during the year: Units sold 34,000 $ Price per unit 12 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Prepare the income statement for West Nautical Company in for the most recent year. a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. c. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded. 4 ady INSTRUCTIONS COSTOFGOODSSOLD ENTERANSWER (+ ^ v 100%