The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue$ 60,250Finished Goods Inventory, Beginning9,750Finished Goods Inventory, Ending6,600Cost of Goods Sold?Gross Margin26,950Direct Materials Used10,450Selling and Administrative Expense?Operating Income14,600Work-in-Process Inventory, Beginning?Work-in-Process Inventory, Ending5,450Direct Labor Used9,225Factory Overhead12,300Total Manufacturing Cost?Cost of Goods Manufactured? Cost of goods sold is calculated to be: Multiple Choice $32,300. $30,150. $27,300. $33,300. $38,300.

Name: The following information was taken from the accounting records of Ell
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Description: The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue$ 60,250Finished Goods Inventory, Beginning9,750Finished Good

The cost of goods sold (COGS) is the total direct costs incurred by the company in producing goods…

Answered: Cost of goods sold is calculated to be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction.

Sales Revenue	$ 60,250
Finished Goods Inventory, Beginning	9,750
Finished Goods Inventory, Ending	6,600
Cost of Goods Sold	?
Gross Margin	26,950
Direct Materials Used	10,450
Selling and Administrative Expense	?
Operating Income	14,600
Work-in-Process Inventory, Beginning	?
Work-in-Process Inventory, Ending	5,450
Direct Labor Used	9,225
Factory Overhead	12,300
Total Manufacturing Cost	?
Cost of Goods Manufactured	?

Cost of goods sold is calculated to be:

Multiple Choice

$32,300.
$30,150.
$27,300.
$33,300.
$38,300.

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