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14 Iding Blocks of Ianagerial Accounting pare Income Statement ew the following amounts for West Nautical Company. Assume that the Raw laterials Inventory contains only ect materials. The Calculation of Direct laterials Used, Schedule of Cost of Goods lanufactured, and culation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab. End of Year $ 11, 500 Beginning End of of Year Year $ 23, 000 25, 000 Insurance on plant Raw materials inventory York in process inventory 35, 000 $ 31,000 Depreciation plant bui1ding and equi pment $ 13, 400 Fini shed goods inventory 20,000 $ 22, 000 Repairs and maintenance-plant Purchases of direct materials Direct labor indirect labor $ 3, 700 $ 77,000 $28, 500 74,000 Narketing expenses 86, 000 General and administrative expenses Assume that the company has the following sales during the year: Price Units sold per unit 34,000 $ 12 e the blue shaded areas on the ENTERANSWERS tab for inputs. ways use cell references and formulas where appropriate to receive full credit. If you copy/paste om the Instruction tab you will be marked wrong. quirement epare the income statement for Vest Nautical Company in for the most recent yeaz a. Check your spelling carefully and do not abbreviate b. Follow the format in the exhibit that shows the Kanufacturer's Income Statement. OS SOLDI ENTERANSWER + e, fx =INSTRUCTIONS ! E10 B5 **DATA SHEET DO NOT ENTER ANSWERS HERE** Calculation of Direct laterials Used Beginning Raw laterials Inventory Plus: Purchases of direct materials laterials available for use Less: Ending Raw Materials Inventory Direct materials used -23. 000 74, 000 $97, 000 25.000- 72,000 Schedule of Cost of Goods Ianufactured Beginning Work in Process Inventory Plus lanufacturing costs incurred: 35, 000 72, 000 86, 000 70,600 Total manufacturing costs to account fo $263, 600 31, 000 Direct materials used Direct labor anufacturing overhead 7Less: Ending Work in Process Inventory Cost of goods manufactured Calculation of Cost of Goods Sold 1 Beginning Finished Goods Inventory20, 000 2 Plus: Cost of goods manufactured 3 Cost of goods available for sale 4 Less: Ending Finished Goods Inventory22, 000 5 Cost of goods sold $ 20, 232, 600 $ 252, 600 ,11 X ( T2 all credit. If you copy/paste from the Instruction tab you will be arked wrong.) est Nautical Company Income Statement For Current Year Operating income 28 30 INSTRUCTIONS COSTOFGOODSSOLD ENTERAN da/ER I+