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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 Instruction tab 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. Total Points AutoSave OFF svo: 2B_bma05_e2_27a_start Home Insert Draw Page Layout Formulas Data Review View 11 AA EEE A E 29 B General $ % -8 Calibri (Body) Paste BIU 139 X Fx AB 1 Building Blocks of Managerial Accounting 2 Prepare Income Statement 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 "COSTOFGOODSSOLD" tab. Beginning of Year $ 23,000 $ 35,000 $ 20,000 Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor End of Year $ 25,000 $ 31,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500 Assume that the company has the following sales during the year: Price per Units sold unit 34,000 $ 12 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 marked wrong. B5 ( fx =INSTRUCTIONS!E10 1 **DATA SHEET -- DO NOT ENTER ANSWERS HERE** Calculation of Direct Materials Used 4 Beginning Raw Materials Inventory 5 Plus: Purchases of direct materials $ 6 Materials available for use 7 Less: Ending Raw Materials Inventory 8 Direct materials used $ 23,000 74,000 97,000 25,000 72,000 35,000 10 Schedule of Cost of Goods Manufactured 11 Beginning Work in Process Inventory 12 Plus Manufacturing costs incurred: 13 Direct materials used 14 Direct labor 15 Manufacturing overhead 16 Total manufacturing costs to account for $ 17 Less: Ending Work in Process Inventory 18 Cost of goods manufactured $ 72,000 86,000 70,600 263,600 31,000 232,600 20 Calculation of Cost of Goods Sold 21 Beginning Finished Goods Inventory 22 Plus: Cost of goods manufactured 23 Cost of goods available for sale 24 Less: Ending Finished Goods Inventory 25 Cost of goods sold 20,000 232,600 252,600 22,000 230,600 Calibri (Body) 12 A A BI Uv v Av (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) West Nautical Company Income Statement For Current Year Operating income
