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 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.) South Marine Company Income Statement For Current Year Less: Less: Beginning End of End of of Year Year Year Raw materials inventory $ 21,000 $ $ 9,500 $ 39,000 $ $ 13,400 Work in process inventory Finished goods inventory Purchases of direct materials $ 15,000 $ 26,000 Insurance on plant. . 35,000 Depreciation-plant building and equipment 29,000 Repairs and maintenance-plant 77,000 Marketing expenses 82,000 General and administrative expenses. $ 4,000 $ $ 84,000 Direct labor $ $ 25,500 Indirect labor. $ 40,000 South Marine Industries Calculation of Cost of Goods Manufactured $ 39,000 For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used $ 72,000 Direct labor 82,000 66,900 Manufacturing overhead Total manufacturing costs to account for 259,900 35,000 Less: Ending work in process inventory $ 224,900 Cost of goods manufactured (CGM) South Marine 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 15,000 224,900 239,900 29,000 Less: Ending finished goods inventory 210,900 Cost of goods sold