The following information is available for Elliot Company. Compute costs of goods manufactured. Prepare an income statement through Gross Profit.

January 1, 2013 December 31,

2013 2013

Raw materials inventory $26,000 $30,000

Work in process inventory 13,500 22,200

Finished goods inventory 30,000 21,000

Materials purchased $170,000

Direct labor 220,000

Manufacturing overhead 180,000

Sales 800,000