Create the income statement for the company below.

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. Assume that the company has the following sales during the year: 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 Instructions tab or if you type the numbers in, you will be marked wrong. \begin{tabular}{l|cl} \multicolumn{4}{c}{ Calculation of Direct Materials Used } \\ \hline Beginning Raw Materials Inventory & $ & 23,000 \\ \hline Plus: Purchases of direct materials & & 74,000 \\ \hline Materials available for use & $ & 97,000 \\ \hline Less: Ending Raw Materials Inventory & & 25,000 \\ \hline Direct materials used & $ & 72,000 \\ \hline \end{tabular} Schedule of Cost of Goods Manufactured \begin{tabular}{|c|c|} \hline Beginning Work in Process Inventory & 35,000 \\ \hline \multicolumn{2}{|l|}{ Plus Manufacturing costs incurred: } \\ \hline Direct materials used & 72,000 \\ \hline Direct labor & 86,000 \\ \hline Manufacturing overhead & 70,600 \\ \hline Total manufacturing costs to account for & 263,600 \\ \hline Less: Ending Work in Process Inventory & 31,000 \\ \hline Cost of goods manufactured & 232,600 \\ \hline \end{tabular} Calculation of Cost of Goods Sold \begin{tabular}{l|rr} \hline Beginning Finished Goods Inventory & $ & 20,000 \\ \hline Plus: Cost of goods manufactured & & 232,600 \\ \hline Cost of goods available for sale & $ & 252,600 \\ \hline Less: Ending Finished Goods Inventory & & 22,000 \\ \hline Cost of goods sold & $ & 230,600 \\ \hline \end{tabular} (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.)