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

Sales	$100,000
Cost of Goods Manufactured	65,000
Direct Materials Purchased	40,000
Factory Overhead	10,000
Work in Progress - January 1	30,000
Work in Progress 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	50,000

Use this information to prepare Bravos Income Statement for FY 2016. Include a detailed Cost of Goods Sold section within this Income Statement: