Bravo Company manufactures quality gentleman's clothing. The following selected financial information for the fiscal year 2016 is provided:

Item	Amount
Sales	$100,000
Costs of Goods Manufactured	75,000
Direct Material Purchased	40,000
Factory Overhead	10,000
Work in Process - January 1	30,000
Work in Process - December 31	15,000
Direct Material - December 31	10,000
Finished Goods Inventory - December 31	60,000
Net Income	15,000
Direct Materials used	30,000
Cost of Goods Sold	55,000

Use this information to prepare Bravo's Income Statement for FY 2016. Include a detailed Costs of Goods Sold section within this income statement: (Round dollar values & enter as whole dollars only.)