= Homework: Chapter 2 Homework Question 5, E2-27A (simil... HW Score: 0%, 0 of 5 points O Points: 0 of 1 Next Question amounts below. Assume that the company sold 37.C Prepare the income statement for South Marine Company for the most recent year. Use the calculation of cost of goods sold, cost of goods m price of S14 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.) South Marine Company Income Statement For Current Year Less: MI Less: goods sold.) Data Table Beginning of Year End of Year End of Year Raw materials inventory $ 22,000 $ $ 7,000 28,000 Insurance on plant 35,000 Depreciation-plant building and equipment $ 38,000 $ $ 13,100 $ 20,000 $ $ 3,700 Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor Indirect labor. $ 24,000 Repairs and maintenance-plant 72,000 Marketing expenses 88,000 General and administrative expenses $ 80,000 $ $ 24,500 44,000 Print Done Reference South Marine Industries Calculation of Cost of Goods Manufactured For Current Year $ 38,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used 66,000 Direct labor 88,000 67,800 Manufacturing overhead Total manufacturing costs to account for 259,800 35,000 Less: Ending work in process inventory $ 224,800 Cost of goods manufactured (CGM) Print Done Reference South Marine Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory 20,000 224,800 Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 244,800 24,000 $ 220,800 Cost of goods sold Print Done