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E2-38B Compute Cost of Goods Manufactured and Cost of Goods Sold (Learning Objective 5) Compute the Cost of Goods Manufactured and Cost of Goods Sold for Golden Bay Com- pany for the most recent year using the amounts described next. Assume that Raw Mate- rials Inventory contains only direct materials. Beginning End End of Year 7,500 inventory. $42,000 $36,000 Depreciation-plant building and equipment...$13,100 $21,000 $28,000 Repairs and maintenance-plant4,400 .... $76,000 of Yearof Year $33,000 Insurance on plant.. Raw materials inventory Work in process Finished goods inventory Purchases of direct materials.. Direct labor. $79,000 Marketing expenses $84,000 General and administrative expenss.... $26,500 $46,000 E2-39B Continues E2-38B: Prepare income statement (Learning Objective 5) Prepare the income statement for Golden Bay Company using the data in E2-38B for the most recent year. Assume that the company sold 39,000 units of its product at a price of $15 each during the year.
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