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 34,000 units of its product at a price of $10 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: i Data Table Beginning End of End of of Year Year Year Raw materials inventory ........ $ 27,000 $ 30,000 Insurance on plant....... ............$ 7,000 Work in process inventory ......$ 37,000 $ 32,000 Depreciation-plant building and equipment .... $ 12,600 Finished goods inventory ....... $ 16,000 $ 26,000 Repairs and maintenance-plant ............. $ 4,100 Purchases of direct materials .... $ 78,000 Marketing expenses 82,000 Direct labor $ 80,000 General and administrative expenses......... 28,500 Indirect labor $ 38,000 EA EA Print Print Done Done i Reference Blue Sea Industries Calculation of Cost of Goods Manufactured For Current Year A 37,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor 75,000 80,000 61,700 Manufacturing overhead Total manufacturing costs to account for 253,700 32,000 Less: Ending work in process inventory 221,700 Cost of goods manufactured (CGM) Print Done i Reference Blue Sea Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale 16,000 221,700 Less: Ending finished goods inventory 237,700 26,000 211,700 $ Cost of goods sold Print Done