West Nautical 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 Less: Ending finished goods inventory Cost of goods sold \begin{tabular}{rr} $20,000 \\ 232,600 \\ \hline 252,600 \\ 22,000 \\ \hline$230,600 \\ \hline \hline \end{tabular} West Nautical Company Income Statement For Current Year Less: Less: 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.) West Nautical Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured (CGM) \begin{tabular}{rr} $ & 35,000 \\ $ & 72,000 \\ 86,000 \\ 70,600 \\ \hline \end{tabular}