ure https://edugen.wileyplus.com/edugen/Iti/main.uni Kimmel, Accounting, 6e Help

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ure https://edugen.wileyplus.com/edugen/Iti/main.uni Kimmel, Accounting, 6e Help I System Announcements nment Time: 04:31 PM/Remaining: 62 min Question 1 The following information is available for Elliot Company. January 1, December 31, 2016 2016 $26,000 18,500 30,000 2016 $30,000 22,200 21,000 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales 170,000 230,000 180,000 800,000 Compute cost of goods manufactured. Cost of goods manufactured LINK TO TEXT LINK TO TEXT Prepare an income statement through gross profit. ELLOIT COMPANY Income Statement December 31, 2016 oPolicy 1 2000-2018Johnyiley &SonsJnc.; All Rights Reserved. A Dinson of 2 John Wiley & Sons.Ins

Explanation / Answer

Cost of goods manufactured = Direct Materials used + Direct Labour used + Manufacturing overhead + beginning work-in-process inventory - ending work-in-process inventory

                                                   = $ 1,70,000 + $ 2,30,000 + $ 1,80,000 + $ 18,500 - $ 22,200

                                                   = $ 5,76,300

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