Prepare the income statement for West Nautical 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 34,000 units of its product at a price of $12 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.) West Nautical Company Income Statement For Current Year Less: Less:X Data table Beginning End of End of of Year Year Year Raw materials inventory . . ..... S 23,000 $ 25,000 Insurance on plant $ 11,500 Work in process inventory . . .... . $ 35,000 $ 31,000 Depreciation-plant building and equipment . ... $ 13,400 Finished goods inventory . .. ... . . $ 20,000 $ 22,000 Repairs and maintenance-plant . .. $ 3,700 Purchases of direct materials . ... 74,000 Marketing expenses $ 77,000 Direct labor. . . . $ 86,000 General and administrative expenses . $ 28,500 Indirect labor. . $ 42,000 Print DoneX Reference West Nautical Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory 35,000 Plus: Manufacturing costs incurred Direct materials used 72,000 Direct labor 86,000 Manufacturing overhead 70,600 Total manufacturing costs to account for 263,600 Less: Ending work in process inventory 31,000 Cost of goods manufactured (CGM) 232,600- X Reference West Nautical Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory $ 20,000 Plus: Cost of goods manufactured 232,600 Cost of goods available for sale 252,600 Less: Ending finished goods inventory 22,000 Cost of goods sold 230,600