Prepare the income statement for Strike 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 38,000 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.) Strike Marine Company Income Statement For Current Year Less: Less: Data Table End of End of Beginning of Year Year Year $ $ Raw materials inventory .. Work in process inventory Finished goods inventory Purchases of direct materials Direct labor 25,000 $ 26,000 Insurance on plant... 40,000 $ 34,000 Depreciation-plant building and equipment 14,000 $ 24,000 Repairs and maintenance-plant $ 76,000 Marketing expenses $ 80,000 General and administrative expenses. $ 38,000 $ 9,500 $ 13,000 3,600 $ 78,000 $ $ 25,500 Indirect labor - X Reference Strike Marine Industries Calculation of Cost of Goods Manufactured For Current Year $ 40,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used $ 75,000 Direct labor 80,000 64,100 Manufacturing overhead Total manufacturing costs to account for 259,100 34,000 Less: Ending work in process inventory Cost of goods manufactured (CGM) $ 225,100 i Reference Strike 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 14,000 225,100 239,100 24,000 Less: Ending finished goods inventory $ 215,100 Cost of goods sold