Question 1 The following information is available for Elliot Company. January 1, 2019 2019 December 31, 2019 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 2 30,000 Salaries expenses 90,000 Depreciation 90,000 Sales 800,000 Instructions (a) Compute direct materials used (b) Compute cost of goods manufactured. (c) Prepare an income statement through gross profit