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 $15 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.) Income Statement For Current Year Less: Less: Choose from any list or enter any number in the input fields and then continue to the next question. ? O Type here to search W 1:20 PM 2/25/2021 Data Table - X Reference Beginning of Year End of Year End of Year South Marine Industries $ 27,000 $ $ 7,500 Calculation of Cost of Goods Manufactured For Current Year Raw materials inventory Work in process inventory Finished goods inventory $ 41,000 $ $ 13,000 $ 41,000 $ 19,000 $ 30,000 Insurance on plant 31,000 Depreciation-plant building and equipment 20,000 Repairs and maintenance-plant 73,000 Marketing expenses 82,000 General and administrative expenses 42,000 Beginning work in process inventory Plus: Manufacturing costs incurred Purchases of direct materials $ $ 4,300 $ 80,000 $ 22,500 Direct materials used $ $ Direct labor. Indirect labor Direct labor 70,000 82,000 66,800 $ Manufacturing overhead Total manufacturing costs to account for Print Done 259,800 31,000 Less: Ending work in process inventory $ 228,800 Cost of goods manufactured (CGM) Choose from any list or enter any number in the input fields and then continue to the next question. Windows Ink Workspace 1:22 PM 2/25/2021 O Type here to search W 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 $15 each during the year. |(Click the icon to view the amounts.) Reference (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Income Statement South Marine Manufacturing For Current Year Calculation of Cost of Goods Sold For Current Year $ Beginning finished goods inventory Less: 19,000 228,800 Less: Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 247,800 20.000 $ 227,800 Cost of goods sold Print Done Choose from any list or enter any number in the input fields and then continue to the ne Type here to search H W 1:23 PM 2/25/2021