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QUESTION
The following information is available for Elliot Company.
The following information is available for Elliot Company.
January 1, 2016
2016
December 31, 2016
Raw materials inventory
$26,000
$30,000
Work in process inventory
18,500
22,200
Finished goods inventory
30,000
21,000
Materials purchased
$170,000
Direct labor
230,000
Manufacturing overhead
180,000
Sales
800,000
Compute cost of goods manufactured.
Cost of goods manufactured
Prepare an income statement through gross profit.
ELLOIT COMPANY
Income Statement
December 31, 2016
:
