Exercise 175 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 $ LINK TO TEXT LINK TO TEXT Prepare an income statement through gross profit ELLOIT COMPANY Income Statement December 31, 2016 SalesCost of Goods SoldFinished Goods, 1 1Cost of Goods ManufacturedCost of Goods Available for SaleFinished Goods, 12 31Gross Profit (Loss) $ Cost of Goods SoldCost of Goods ManufacturedFinished Goods, 1 1Gross Profit (Loss)SalesFinished Goods, 12 31Cost of Goods Available for Sale Sales Cost of Goods Manufactured Cost of Goods Available for Sale Finished Goods, 1 1 Finished Goods, 12 31 Gross Profit (Loss) Cost of Goods Sold $ Finished Goods, 12 31 Sales Cost of Goods Sold Finished Goods, 1 1 Cost of Goods Manufactured Gross Profit (Loss) Cost of Goods Available for Sale Finished Goods, 12 31 Sales Cost of Goods Sold Gross Profit (Loss) Finished Goods, 1 1 Cost of Goods Available for Sale Cost of Goods Manufactured Add Less Gross Profit (Loss)Finished Goods, 1 1Finished Goods, 12 31Cost of Goods ManufacturedCost of Goods SoldCost of Goods Available for SaleSales Cost of Goods Manufactured Finished Goods, 1 1 Gross Profit (Loss) Cost of Goods Available for Sale Cost of Goods Sold Sales Finished Goods, 12 31 Cost of Goods ManufacturedFinished Goods, 1 1Finished Goods, 12 31Cost of Goods Available for SaleGross Profit (Loss)SalesCost of Goods Sold $

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Exercise 175

The following information is available for Elliot Company.

Compute cost of goods manufactured.

Cost of goods manufactured

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Prepare an income statement through gross profit.

ELLOIT COMPANY Income Statement December 31, 2016
SalesCost of Goods SoldFinished Goods, 1/1Cost of Goods ManufacturedCost of Goods Available for SaleFinished Goods, 12/31Gross Profit / (Loss)			$
Cost of Goods SoldCost of Goods ManufacturedFinished Goods, 1/1Gross Profit / (Loss)SalesFinished Goods, 12/31Cost of Goods Available for Sale
Sales Cost of Goods Manufactured Cost of Goods Available for Sale Finished Goods, 1/1 Finished Goods, 12/31 Gross Profit / (Loss) Cost of Goods Sold		$
Finished Goods, 12/31 Sales Cost of Goods Sold Finished Goods, 1/1 Cost of Goods Manufactured Gross Profit / (Loss) Cost of Goods Available for Sale
Finished Goods, 12/31 Sales Cost of Goods Sold Gross Profit / (Loss) Finished Goods, 1/1 Cost of Goods Available for Sale Cost of Goods Manufactured
Add Less :	Gross Profit / (Loss)Finished Goods, 1/1Finished Goods, 12/31Cost of Goods ManufacturedCost of Goods SoldCost of Goods Available for SaleSales
Cost of Goods Manufactured Finished Goods, 1/1 Gross Profit / (Loss) Cost of Goods Available for Sale Cost of Goods Sold Sales Finished Goods, 12/31
Cost of Goods ManufacturedFinished Goods, 1/1Finished Goods, 12/31Cost of Goods Available for SaleGross Profit / (Loss)SalesCost of Goods Sold			$