Prepare the income statement for East Aquatic Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume the company sold 32,000 units of its product at a price of $11 each during the year.

X Data Table Beginning End of End of of Year Year Year 22,000 $ 26,000 Insurance on plant. . $ 7,000 Raw materials inventory. Work in process inventory. Finished goods inventory $ $ 13,400 $ $ 4,100 Purchases of direct materials 40,000 $ 32,000 Depreciation-plant building and equipment 21,000 $ 28,000 Repairs and maintenance-plant. $ 77,000 Marketing expenses. $ 84,000 General and administrative expenses $ 39,000 $ 76,000 Direct labor $ 26,500 Indirect labor. Print Done -X Reference East Aquatic Industries Calculation of Cost of Goods Manufactured For Current Year $ 40,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used 73,000 Direct labor 84,000 63,500 Manufacturing overhead Total manufacturing costs to account for 260,500 32,000 Less: Ending work in process inventory $ 228,500 Cost of goods manufactured (CGM) Print Done i X Reference - East Aquatic 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 21,000 228,500 249,500 28,000 Less: Ending finished goods inventory $ 221,500 Cost of goods sold Print Done Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory General and administrative expenses Gross profit Marketing expenses Operating expenses Operating income Operating loss Sales revenues put fields and Prepare the income statement for East Aquatic 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 32,000 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.) East Aquatic Company Income Statement For Current Year Less: Less