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 $38,000$ 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

Sales revenues

Less: $,$ Cost of goods sold

Gross profit

Less: Operating expenses

General and administrative expenses

Marketing expenses

Operating income