Income Statement

Bravo Company
Income Statement
Fiscal Year End December 12/31/2016

Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided ltem Amount Sales $100,000 Cost of Goods Manufactured 75,000 Direct Material Purchased 40.000 Factory Overhead Work in Process-January 1 Work in Process December 31 10,000 30.000 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 prepared Bravo's Income Statement for FY 2016. Include a detailed Cost of Goods Sold section within this income statement: (Round dollar values & enter as whole dollars only.)