Elastic Manufacturing Co. has the following data for 2021:

Beginning Direct Materials $2,500

Ending Direct Materials $3,000

Beginning Work-in-Process Inventory $10,000

Sales Managers Salary $12,000

Ending Work-in-Process Inventory $11,000

Beginning Finished Goods Inventory $8,300

Ending Finished Goods Inventory.... $7,000

Direct Materials Purchased, including Freight In $30,000

Direct Labor.. $25,000

Manufacturing Overhead $9,000

Prepare the schedule of cost of goods manufactured AND the cost of goods sold section of the income statement for the year ended December 31, 2021.