2019 December 31 $30,000 22,200 21.000 $170,000 230,000 Question 1 The following information is available for Elliot Company. January 1, 2019 2019 Raw materials inventory $ 26,000 Work in process inventory 18,500 Finished goods inventory 30,000 Materials purchased Direct labor Factory Salaries expenses 90,000 Depreciation on factory 90,000 Depreciation on office equipment 20,000 Sales Instructions (a) Compute direct materials used (b) Compute cost of goods manufactured. (c) Compute cost of goods sold (d) Prepare an income statement through gross profit. 800,000