Instructions Prepare the income statement for West Nautical Company in for the most recent year. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.) a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. c. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab. Assume that the company has the following sales during the year: Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong. Requirement Prepare the income statement for West Nautical Company in for the most recent year. a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. c. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Calculation of Direct Materials Used \begin{tabular}{l|l|l} Beginning Raw Materials Inventory & $ & 23,000 \\ Plus: Purchases of direct materials & & 74,000 \\ \hline Materials available for use & $ & 97,000 \\ Less: Ending Raw Materials Inventory & & 25,000 \\ \hline Direct materials used & $ & 72,000 \\ \hline \hline \end{tabular} Schedule of Cost of Goods Manufactured Beginning Work in Process Inventory \$ $35,000 Plus Manufacturing costs incurred: Calculation of Cost of Goods Sold Beginning Finished Goods Inventory \$ 20,000 Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending Finished Goods Inventory Cost of goods sold West Nautical Company