LOI Copy Calibri (Body) Paste Format BIU A3 fx C D Building Blocks of Managerial Accounting 12 A A A 101 1010 Wrap Text Merge & Center G $ H 2 Prepare Income Statement 3 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 4 the "COSTOF GOODSSOLD" tab. 5 Beginning of 7 6869 Year End of Year End of Year Raw materials inventory $ 23,000 $ 25,000 Insurance on plant $ 11,500 Work in process Inventory $ 35,000 $31,000 Depreciation-plant building and equipment $ 13,400 Finished goods inventory $ 20,000 $22,000 Repairs and maintenance-plant $ 3,700 10 Purchases of direct materials $ 74,000 Marketing expenses $ 77,000 11 Direct labor $ 86,000 General and administrative expenses $ 28,500 12 Indirect labor $ 42,000 13 14 Assume that the company has the following sales during the year Price per 15 16 Units sold 34,000 $ unit 12 17 18 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 Instruction tab you will be 19 marked wrong. 20 21 Requirement 22 Prepare the income statement for West Nautical Company in for the most recent year. 23 24 25 26 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 27 Saving & Submitting Solution 281 Save file to desktop a Create folder on desktop, and label COMPLETED EXCEL PROJECTS 2 Upload and submit your file to be graded Click Choose button under step 3, locate the file you just saved and click Open 29 30 31 a 32 b. Navigate back to the activity window-screen where you downloaded the initial spreadsheet 33 C Click Upload button under step 3 34 35 d. Click Submit button under step 4 36 Viewing Results 37 1 Click on Results tab in MyAccountinglab 38 2 Click on the Assignment you were working on 39 3 Click on Project link this will bring up your Score Summary 40 41 4 Within Score Summary window, click on Download (upper right) to download the spreadsheet with feedback 42 43 44