work iz/Test 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 31,000 units of its product at a price of $13 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 2 st Us Choose from any list or enter any number in the input fields and then continue to the next question e icpn to view the calculation of cost of conde manufactured te ic Data Table X End of Year Beginning End of of Year Yea Raw materials inventory $ 24,000 $ 30,000 Insurance on plant... Work in process inventory $ 37,000 $ 27,000 Depreciation-plant building and equipment Finished goods inventory $ 19,000 $ 22,000 Repairs and maintenance-plant Purchases of direct materials .... $ 76,000 Marketing expenses Direct labor $ 88,000 General and administrative expenses. Indirect labor $ 43,000 $ 10,500 S 12,600 $ 4,300 $ 80,000 . $ 28,500 Print Done Company for the most recent year. Use the calculation of cost of goods sold, costo my sold 31,000 units of its product at a price of $13 each during the year. i Reference South Marine Industries Calculation of Cost of Goods Manufactured For Current Year $ 37,000 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used $ 70,000 Direct labor 88,000 70,400 Manufacturing overhead Total manufacturing costs to account Less: Ending work in process inventory 265,400 27,000 $ 238,400 Cost of goods manufactured (CGM) Print Done i Reference South Marine Manufacturing Calculation of Cost of Goods Sold For Current Year 19,000 238,400 Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 257,400 22,000 $ 235,400 Cost of goods sold Print Done