Beginning End End of Year of Year of Year Raw materials inventory ...... $ 28,000 5 35,000 Insurance on plant _______________ 5 10000 Work in process inventory. . . . 58,000 37,000 Depreciationplant building Finished goods inventory ..... 18,000 34,000 and equipment ________________ 21.000 Purchases ofdirect materials. . 55,000 Repairs and maintenanceplan ..... 4.500 Direct labour. . . . . . . . . . . . . .. 55,000 Marketing expenses .............. 83.000 Indirect labour. . . .. . . . . . . . .. 11000 General and administrative expenses. 34.000 Blue Sea's Die-Cuts Schedule of Cost of Goods Manufactured Beginning work in process inventory 5 50,000 Add: Direct materials used Beginning ranI materials inventory 5 28,000 Purchases of direct materials 35000 Available for use 113,000 Ending raw materials inventory {35,000} Direct materials used $ "\"1000 Direct labour 85,000 Manufacturing overhead: Indirect labour 5 1?,000 Insurance on plant 10,000 Depreciationplant building and equipment 21,000 Repairs and maintenanochlant 4'500 Total manufacturing costs incurred during the year 215,500 Total manufacturing costs to account for 2?3,500 Less: Ending work in process inventory (3?.000} Cost of goods manufactured w Prepare the income statement for Blue Sea Company. for the most recent year using the amounts and the schedule of cost of goods manufactured below Assume that the company sold 34000 units of its product at a price of $17 each during the year. a (Click the icon to view the amounts.) (Click the icon to View the schedule.) Blue Sea Company Income Statement For Last Year Cost of goods sold Operating expenses Total operating expenses Operating income