Question
The following information is available for Elliot Company. January 1, 2016 2016 December 31, 2016 Raw materials inventory $26,000 $30,000 Work in process inventory 18,500
The following information is available for Elliot Company.
January 1, 2016
2016
December 31, 2016
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
Compute cost of goods manufactured.
Cost of goods manufactured
Prepare an income statement through gross profit.
ELLOIT COMPANY
Income Statement
December 31, 2016
:
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Cost Accounting Principles And Applications
Authors: Horace Brock, Linda Herrington, La Vonda Ramey
7th Edition
0071115609, 978-0071115605
