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--.