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$ 58,000Finished Goods Inventory, Beginning9,000Finished Goods Inventory, Ending6,000Cost of Goods Sold?Gross Margin25,000Direct Materials Used10,000Selling and Administrative Expense?Operating Income14,000Work-in-Process Inventory, Beginning?Work-in-Process Inventory, Ending5,000Direct Labor Used9,000Factory Overhead12,000Total Manufacturing Cost?Cost of Goods Manufactured? Selling and administrative expenses are calculated to be: Multiple Choice $4,000. $9,000. $11,000. $12,000. $16,000.

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$ 58,000Finished Goods Inventory, Beginning9,000Finished Good

Given that, Gross margin = $25,000 Sales revenue = $58,000 Operating income = $14,000

Answered: Sales Revenue $ 58,000 Finished Goods…

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	$ 58,000
Finished Goods Inventory, Beginning	9,000
Finished Goods Inventory, Ending	6,000
Cost of Goods Sold	?
Gross Margin	25,000
Direct Materials Used	10,000
Selling and Administrative Expense	?
Operating Income	14,000
Work-in-Process Inventory, Beginning	?
Work-in-Process Inventory, Ending	5,000
Direct Labor Used	9,000
Factory Overhead	12,000
Total Manufacturing Cost	?
Cost of Goods Manufactured	?

Selling and administrative expenses are calculated to be:

Multiple Choice

$4,000.
$9,000.
$11,000.
$12,000.
$16,000.

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