The Following Information Was Taken from the Accounting Records of Elliott

question 79

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. $\begin{array}{lr}\text { Sales Revenue } & \$ 58,000 \\\text { Finished Goods Inventory, Beginning } & 9,000 \\\text { Finished Goods Inventory, Ending } & 6,000 \\\text { Cost of Goods Sold } & ? \\\text { Gross Margin } & 25,000 \\\text { Direct Materials Used } & 10,000\\\text { Selling and Administrative Expense } & ? \\\text { Operating Income } & 14,000 \\\text { Work-in-Process Inventory, Beginning } & ? \\\text { Work-in-Process Inventory, Ending } & 5,000 \\\text { Direct Labor Used } & 9,000 \\\text { Factory Overhead } & 12,000 \\\text { Total Manufacturing Cost } & ? \\\text { Cost of Goods Manufactured } & ?\end{array}$ Work in process inventory, beginning, is calculated to be:

• A)$4,000.
• B)$9,000.
• C)$11,000.
• D)$12,000.
• E)$16,000.

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Definitions:

Current Stock Price

The most recent price at which a stock was traded on a public exchange.

Required Return

The minimum rate of return on an investment deemed acceptable to an investor, considering its risk level.

Dividends

Disbursements issued by a company to its stockholders, usually originating from the firm's earnings.

Price of The Stock

The current market value at which a single share of a company's stock can be bought or sold.