The following information is available for Elliot Company. 2019 January 1, 2019 $26,000 December 31, 2019 $30,000 18,500 22,200 30,000 21,000 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales $170,000 230,000 180,000 800,000 x Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured $ 557,300 Prepare an income statement through gross profit. ELLOIT COMPANY Income Statement December 31, 2019 Sales 800,000 Cost of Goods Sold Finished Goods, 12/31 $ 30,000 Cost of Goods Manufactured 557,300 Cost of Goods Available for Sale : 587,300 Less : Finished Goods, 12/31 21,000 Cost of Goods Sold 566,300 Gross Profit/(Loss) $ 233,700