E2-26A Compute Cost of Goods Manufactured and Cost of Goods Sold (Learning Objective 5) Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. Beginning of Year End of Year End of Year Raw materials $23,000 $25,000 Insurance on plant $ inventory 11,500 Work in process $35,000 $31,000 Depreciation-plant building $ inventory and equipment 13,400 Finished goods $20,000 $22,000 Repairs and maintenance- $3,700 inventory plant Purchases of direct materials $74,000 Marketing expenses $ 77,000 Direct labor $86,000 General and administrative $ expenses 28,500 Indirect labor $42,000