E F G H 1 AB D Building Blocks of Managerial Accounting Prepare Income Statement 2 3 5 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 End of End of Year of Year Year Raw materials inventory $23,000 $25,000 Insurance on plant $11,500 Work in process inventory $35,000 $31,000 Depreciation-plant building and equipmen $13,400 Finished goods inventory $20,000 $22,000 Repairs and maintenance---plant $3,700 Purchases of direct materials $74,000 Marketing expenses $77,000 Direct labor $86,000 General and administrative expenses $28,500 Indirect labor $42.000 7 8 9 10 11 12 3 4 Assume that the company has the following sales during the year: Units sold Price per unit 34,000 $12 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 marked wrong. TRUCTIONS COSTOFGOODSSOLD ENTERANSWER 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. C. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be 25 subtracted. 26 27 Saving & Submitting Solution 28 1 Save file to desktop. 29 a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 30 2 Upload and submit your file to be graded. 31 a. Navigate back to the activity window - screen where you downloaded the initial spreadsheet 32 b. Click Choose button under step 3; locate the file you just saved and click Open 3 C. Click Upload button under step 3 2 d. Click Submit button under step 4 Viewing Results 1 Click on Results tab in MyAccountinglab 2 Click on the Assignment you were working on 3 Click on Project link; this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report (lower right) to download spreadsheet with f JCTIONS COSTOFGOODSSOLD ENTER