25. The following information is available for Elliot Company. (20 POINTS) Jamuary 1,2016 201 bst.a1. 2016 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales $ 26,000 18,500 30,000 $30,000 22,200 21,000 $170,000 230,000 180,000 800,000 Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold. Solution (a): (a) Work-in-process, 1/1.. Direct materials Materials inventory, 1/1. Materials purchased