The following information is available for Elliot Company. (Assume all raw materials used were direct materials.) Raw materials inventory January 1, 2022 2022 December 31, 2022 $ 26,000 $30,000 Work in process inventory 18,500 22,200 Finished goods inventory 30,000 27,000 Materials purchased $170,000 Direct labor 280,000 Manufacturing overhead 130,000 Sales 800,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit