Building Blocks of Managerial Accounting Prepare Income Statement Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. 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 $ 35,000 $ 31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500 Assume that the company has the following sales during the year: Price per Units sold unit 34,000 $ 12 Requirement Prepare the income statement for West Nautical Company in for the most recent year. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. a. c. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Calculation of Direct Materials Used Beginning Raw Materials Inventory $ Plus: Purchases of direct materials Materials available for use $ Less: Ending Raw Materials Inventory Direct materials used $ 23,000 74,000 97,000 25,000 72,000 35,000 Schedule of Cost of Goods Manufactured Beginning Work in Process Inventory $ Plus Manufacturing costs incurred: Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for $ Less: Ending Work in Process Inventory Cost of goods manufactured $ 72,000 86,000 70,600 263,600 31,000 232,600 Calculation of Cost of Goods Sold Beginning Finished Goods Inventory $ Plus: Cost of goods manufactured Cost of goods available for sale $ Less: Ending Finished Goods Inventory Cost of goods sold $ 20,000 232,600 252,600 22,000 230,600 ANSWER SHOULD GO IN HERE: West Nautical Company Income Statement For Current Year Operating income