Question 1 The following information is available for Elliot Company. December 31, January 1, 2016 2016 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 $ Prepare an income statement through gross profit. ELLOIT COMPANY Income Statement December 31, 2016 $ $ $ Open Show Work Click if you would like to Show Work for this