Homework: HW 2 - Chapter 2 Save Score: 0 of 5 pts 6 of 8 (5 complete) HW Score: 38.97%, 17 54 of 45 pts 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 38 000 units of its product at a price of S13 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 Ray Company Crystal Bay Company Income Statement For Current Year Sales revenues 532,000 232.400 Less: Cost of goods sold Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All 299,600 Gross profit Less Operating expenses Marketing expenses General and administrative expenses Operating income Choose from any list or enter any number in the input fields and then click Check Ans All parts showing O i OB Haier W End of Year $ 8,500 Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Beginning End of of Year Year 5 26,000 $ 28,000 Insurance on plant 40,000 $ 35,000 Depreciation-plant building and equipment $ 16.000 $ 27000 Repairs and maintenance-plant 5 74.000 Marketing expenses $ 86,000 General and administrative expenses 5 44,000 $ 13,000 S 3.900 S 79.000 Direct labor $ 30,500 Indirect labor Print Done C 9 i Reference Crystal Bay Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory S Plus: Manufacturing costs incurred Direct materials used 40.000 $ ns Direct labor 72,000 86,000 69,400 Manufacturing overhead Print Done 40.000 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) 72.000 86.000 69.400 267,400 35.000 ensi S 232 400 in tl Print Done i Reference Crystal Bay Manufacturing Calculation of Cost of Goods Sold For Current Year S 16,000 232 400 Beginning finished goods inventory Plus Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory 248 400 27.000 22 1400 Cost of goods sold b Print Done