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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,

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

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