Instruction The following information is provided for WWE Manufacturing Company. Assume that all materials inventory items are direct materials. Materials inventory, January 1 $14,000 Materials purchases for the year 21,000 Materials inventory, December 31 13,000 Direct labor for the year 11,500 Factory overhead for the year 6,500 Work in process, January 1 20,000 Work in process, December 31 15,000. Finished goods inventory, January 1 32,000 Finished goods inventory, December 31 26,000 Required: 1. Prepare a schedule of cost of goods manufactured for the company for the year ended December 31, 20- 2. Prepare the related cost of goods sold section of the income statement for the company for the year ended December 31, 20- Labels and Amount Descriptions Labels Cost of goods sold Amount Descriptions Cost of goods manufactured Cost of materials used Direct labor Finished goods inventory, January 1, 20-- Finished goods inventory, December 31, 20-- Goods available for sale Materials available for use Materials inventory, January 1, 20-- Materials inventory, December 31, 20-- Materials purchases Overhead Total manufacturing costs Total work in process during the period Work in process, January 1, 20-- Work in process, December 31, 20-- 1. Prepare a schedule of cost of goods manufactured for the company for the year ended December 31, 20- Additional Instructions 1 work in process I 10 11 12 12 WWE Manufacturing Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 20- 2. Prepare the related cost of goods sold section of the income statement for the company for the year ended December 31, 20- Additional Instructions Income Statement 1 (Label) 2 3 4 5 WWE Manufacturing Company Income Statement (Partial) For Year Ended December 31, 20