Prepare the income statement for South Marine 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 $13 cach during the year. (Click the loon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) Click the loon to view the calculation of cost of goods sold.) South Marine Company Income Statement For Current Year Less Less: End of Year $ 10,500 $ 13,400 Beginning End of of Year Year Raw materials inventory .. $ 22,000 $ 25,000 Insurance on plant. Work in process inventory........ 39,000 $ 32,000 Depreciation-plant building and equipment Finished goods inventory 16,000 $20,000 Repairs and maintenance-plant Purchases of direct materials .... $ 78,000 Marketing expenses. Direct labor $ 89,000 General and administrative expenses Indirect labor $ 41,000 ..... $ $ 3,500 $ 81,000 $ 28,500 South Marine Industries st Calculation of Cost of Goods Manufactured For Current Year om 39,000 md Ye Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor $ 75,000 89,000 68,400 Manufacturing overhead Total manufacturing costs to account for 271,400 32,000 Less: Ending work in process inventory $ Cost of goods manufactured (CGM) 239,400 tion o Marin South Marine Manufacturing Calculation of Cost of Goods Sold me si For Current Year Curre $ 16,000 239,400 Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 255,400 20,000 $ 235,400