Prepare the income statement for West Musical Company for the most recent year. Use the condition of cost of goods and cont of goods manufactured and the amount below that the company belt 34.000 uses oftes roduct at a price of $12 each during the year Click the icon to view the amount Click the icon to view the colocation of cost of goods and actured) Click the icon to view the calculation of cost of goods sold) Income Statement For Comment Year Les Leos End of Year Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning End of of Year Year $ 23,000 $ 25.000 Insurance on plant $ 35.000 $ 31.000 Depreciation-plant building and equipment $ 20,000 $ 22,000 Repairs and maintenance-plant $ 74.000 Marketing expenses $ 86.000 General and administrative expenses $ 42.000 $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500 West Nautical Industries Calculation of Cost of Goods Manufactured For Current Year CA $ 35,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor $ 72,000 86,000 70,600 Manufacturing overhead Total manufacturing costs to account for 263,600 31,000 Less: Ending work in process inventory $ Cost of goods manufactured (CGM) 232,600 West Nautical Manufacturing Calculation of Cost of Goods Sold For Current Year $ 20,000 232,600 Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 252,600 22,000 $ 230,600 Cost of goods sold