End of Year Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor. Indirect labor Beginning End of of Year Year $ 24,000 $ 25,000 Insurance on plant $ 37,000 $ 29,000 Depreciation-plant building and equipment $ 17,000 $ 21,000 Repairs and maintenance-plant $ 75,000 Marketing expenses $ 88,000 General and administrative expenses $ 39,000 $ 8,000 $ 13,300 $ 4,000 $ 82,000 $ 23,500 $ 37,000 Clear Bay Industries Calculation of Cost of Goods Manufactured For Current Year 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 (CGM) $ 74,000 88,000 64,300 263,300 29,000 234,300 $ Clear Bay Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 17,000 234,300 251,300 21,000 230,300 $ Prepare the income statement for Clear 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 32,000 units of its product at a price of $11 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.) Clear Bay Company Income Statement For Current Year Less Less