E2-27A (similar to). Question Help Prepare the income statement for Crystal Bay Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 36,000 units of its product at a price of $14 each during the year. (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Crystal Bay Company Income Statement For Current Year Less Less End of Beginning End of of Year Year Year Raw materials inventory Insurance on plant 21,000 $ 32,000 $ 7,000 $ 13,300 Work in process inventory 43,000 $ 27,000 Depreciation-plant building and equipment Finished goods inventory 17,000 $ 20,000 Repairs and maintenance-plant $ 4,400 $ 80,000 Purchases of direct materials $ 75,000 Marketing expenses $ 27,500 $ General and administrative expenses Direct labor 88,000 37,000 Indirect labor Crystal Bay Industries Calculation of Cost of Goods Manufactured For Current Year 43,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used 64,000 88,000 Direct labor 61,700 Manufacturing overhead Total manufacturing costs to account for 256,700 27,000 Less: Ending work in process inventory $ 229,700 Cost of goods manufactured (CGM) Crystal Bay Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory 17,000 229,700 Plus: Cost of goods manufactured 246,700 Cost of goods available for sale 20,000 Less: Ending finished goods inventory 226,700 Cost of goods sold GA Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory General and administrative expenses Gross profit Marketing expenses Operating expenses Operating income Operating loss Sales revenues