The following information is available for Elliot Company. Compute costs of goods manufactured. Prepare an income statement through Gross Profit.
January 1, 2013 December 31,
2013 2013
Raw materials inventory $26,000 $30,000
Work in process inventory 13,500 22,200
Finished goods inventory 30,000 21,000
Materials purchased $170,000
Direct labor 220,000
Manufacturing overhead 180,000
Sales 800,000
