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 36,000 units of its product at a price of $14 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.) Data Table Blue Sea Company Income Statement Beginning of Year End of Year End of Year For Current Year 504000 Raw materials inventory Work in process inventory Finished goods inventory ... S .. S .. S 23,000 $ 38,000 $ 32,000 Insurance on plant $ 7,500 34,000 Depreciation-plant building and equipment.. $ 13,100 20,000 $ 26,000 Repairs and maintenance-plant $ 3,800 Purchases of direct materials.... $ 77,000 Marketing expenses $ 84,000 Direct labor Indirect labor $ 81,000 General and administrative expenses $ 39,000 $ 29,500 Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Gross profit General and administrative expenses Operating income Print Done Blue Sea Industries Calculation of Cost of Goods Manufactured For Current Year 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) $ 38,000 68,000 81,000 63,400 250,400 34,000 $ 216,400 Blue Sea Manufacturing Calculation of Cost of Goods Sold Beginning finished goods inventory Plus: Cost of goods manufactured For Current Year 20,000 216,400 Cost of goods available for sale 236,400 26,000 Less: Ending finished goods inventory $ 210,400 Cost of goods sold