A B Building Blocks of Managerial Accounting 2 Prepare Income Statement West Nautical Company for the most recent year, had the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, 4 and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab Beginning End of of Year Year End of Year $ 11,500 8 Work in process inventory 35,000 $ 31,000 Depreciation -plant building and equipment | $ 13,400 Raw materials inventory 23,000 S 25,000 Insurance on plant 22,000 Repairs and maintenance-plant $ 74,000Marketing expenses $ 86,000 General and administrative expenses S 42,000 20,000 Finished goods inventory Purchases of direct materials Direct labor Indirect labor $ 3,700 $ 77,000 28,500 10 12 13 Assume that the company has the following sales during the year: Price per unit Units sold 15 16 34,000 $12 18 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 19 Instruction tab you will be marked wrong. 20 21 Requirement Prepare the income statement for West Nautical Company in for the most recent year. 23 a. Check your spelling carefully and do not abbreviate. 24b. 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 25 subtracted