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 39,000 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.) South Marine Company Income Statement For Current Year Less Less Beginning End of End of of Year Year Year Raw materials inventory .. 24,000 27,000 Insurance on plant. $ 8,500 Work in process inventory $12,500 $ 38,000 $ 32,000 Depreciation-plant building and equipment Finished goods inventory 14,000 $ 20,000 Repairs and maintenance-plant $ 3,600 $ 83,000 70,000 Marketing expenses Purchases of direct materials $ Direct labor $ 25,500 General and administrative expenses $ 83,000 Indirect labor $ 43,000 South Marine Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory $ 38,000 Plus: Manufacturing costs incurred Direct materials used 67,000 Direct labor 83,000 67,600 Manufacturing overhead Total manufacturing costs to account for 255,600 32,000 Ending work in process inventory Less: $ 223,600 Cost of goods manufactured (CGM) South Marine Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory $ 14,000 223,600 Plus: Cost of goods manufactured Cost of goods available for sale 237,600 20,000 Less: Ending finished goods inventory $ 217,600 Cost of goods sold