Prepare the income statement for Clear Bay 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 $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.) Less: Less: Clear Bay Company Income Statement For Current Year Data table Beginning End of End of of Year Year Year Raw materials inventory $ 29,000 $ 30,000 Insurance on plant $ 8,000 Work in process inventory 37,000 $ 30,000 Depreciation-plant building and equipment $ 13,000 Finished goods inventory $ 16,000 $ 24,000 Repairs and maintenance-plant $ 4,000 Purchases of direct materials $ 76,000 Marketing expenses $ 79,000 Direct labor $ 86,000 General and administrative expenses $ 28,500 Indirect labor $ 44,000 Print Done Clear Bay 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) 37,000 $ 75,000 86,000 69,000 267,000 30,000 $ 237,000