The following information is available for Elliot Company. January 1, December 31, 2019 2019 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 230,000 Manufacturing overhead 180,000 Sales 800,000 Instructions a)Compute cost of goods manufactured. b)Prepare an income statement through gross profit. c)Prepare a classified balance sheet for the assets section only. The firm's ending cash balance is $45,000, accounts receivable is 30,000, net PPE is 550,000