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 Cost of Goods SoldCost of Goods ManufacturedFinished Goods, 12/31Finished Goods, 1/1Gross Profit / (Loss)SalesCost of Goods Available for Sale $ Gross Profit / (Loss)SalesCost of Goods Available for SaleCost of Goods ManufacturedFinished Goods, 12/31Cost of Goods SoldFinished Goods, 1/1 Finished Goods, 12/31 Finished Goods, 1/1 Cost of Goods Manufactured Cost of Goods Sold Gross Profit / (Loss) Cost of Goods Available for Sale Sales $ Finished Goods, 12/31 Cost of Goods Manufactured Sales Cost of Goods Available for Sale Gross Profit / (Loss) Cost of Goods Sold Finished Goods, 1/1 Finished Goods, 12/31 Finished Goods, 1/1 Gross Profit / (Loss) Cost of Goods Manufactured Sales Cost of Goods Available for Sale Cost of Goods Sold Add Less : Finished Goods, 12/31SalesCost of Goods SoldGross Profit / (Loss)Cost of Goods Available for SaleFinished Goods, 1/1Cost of Goods Manufactured Sales Finished Goods, 1/1 Cost of Goods Sold Cost of Goods Available for Sale Finished Goods, 12/31 Cost of Goods Manufactured Gross Profit / (Loss) Cost of Goods SoldSalesFinished Goods, 1/1Gross Profit / (Loss)Cost of Goods Available for SaleCost of Goods ManufacturedFinished Goods, 12/31 $ Click if you would like to Show Work for this question: Open Show Work