Prepare the income statement for Blue Sea 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 35,000 units of its product at a price of $11 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.) Blue Sea Company Income Statement For Current Year Less: Less: hoose from any list or enter Data Table - X Beginning End of End of of Year Year Year Raw materials inventory .. $ 26,000 $ 34,000 Insurance on plant $ 8,000 Depreciation-plant building and Work in process inventory $ 44,000 $ 29,000 equipment $ 12,900 Finished goods inventory . $ 22,000 $ 25,000 Repairs and maintenance-plant $ 4,000 Purchases of direct materials .... $ 78,000 Marketing expenses $ 83,000 Direct labor $ 88,000 General and administrative expenses $ 24,500 Indirect labor $ 40,000 Print Done IS In the SWAT i - X Reference Blue Sea Industries Calculation of Cost of Goods Manufactured For Current Year $ 44,000 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) 70,000 88,000 64,900 266,900 29,000 $ 237,900 Print Done Reference - X Blue Sea Manufacturing Calculation of Cost of Goods Sold For Current Year $ 22,000 237,900 Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 259,900 25,000 234,900 $ Print Done