A B C Building Blocks of Managerial Accounting Prepare Income Statement D H 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. Beginning of Year End of Year End of Year Raw materials inventory $ 23,000 $ 25,000 Insurance on plant $ 11,500 Work in process inventory $ 35,000 $ 31,000 Finished goods inventory $ 20,000 $ 22,000 Depreciation-plant building and equipment Repairs and maintenance-plant $ 13,400 S 3,700 O Purchases of direct materials $ 74,000 Marketing expenses $ 77,000 1 Direct labor $ 86,000 General and administrative expenses $ 28,500 2 Indirect labor $ 42,000 3 4 Assume that the company has the following sales during the year: 26 17 Price per Units sold 34,000 $ unit 12 8 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 19 marked wrong. 20 21 Requirement 22 Prepare the income statement for West Nautical Company in for the most recent year. 23 a. Check your spelling carefully and do not abbreviate. 24 b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. 25 26 C Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. 27 Saving & Submitting Solution 28 1 Save file to desktop.