The Following Information Was Taken from the Accounting Records of Elliott

question 70

Multiple Choice

The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. $\begin{array}{lr}\text { Sales Revenue } & \$ 58,000 \\\text { Finished Goods Inventory, Beginning } & 9,000 \\\text { Finished Goods Inventory, Ending } & 6,000 \\\text { Cost of Goods Sold } & ? \\\text { Gross Margin } & 25,000 \\\text { Direct Materials Used } & 10,000\\\text { Selling and Administrative Expense } & ? \\\text { Operating Income } & 14,000 \\\text { Work-in-Process Inventory, Beginning } & ? \\\text { Work-in-Process Inventory, Ending } & 5,000 \\\text { Direct Labor Used } & 9,000 \\\text { Factory Overhead } & 12,000 \\\text { Total Manufacturing Cost } & ? \\\text { Cost of Goods Manufactured } & ?\end{array}$ Cost of goods sold is calculated to be:

• A)$32,000.
• B)$30,000.
• C)$33,000.
• D)$38,000.
• E)$27,000.

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Definitions:

Recycling

The process of converting waste materials into new products to prevent waste of potentially useful materials, reduce consumption of fresh raw materials, and lower greenhouse gas emissions.

Environmental Costs

The negative impacts on the environment due to industrial processes, consumption patterns, or other human activities, often quantified in economic terms.

Virgin Materials

Raw materials that have never been processed or used before, often extracted directly from the Earth.

Hazardous Wastes

Hazardous wastes are materials that are dangerous or potentially harmful to people's health or the environment, often requiring special handling and disposal procedures.