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.

---

Definitions:

Inventory Group

A classification system within inventory management that organizes products or materials into manageable groups for efficiency.

Non-inventory Assembly

This refers to the process of combining non-inventory items or services to create a new product or package that is not tracked as inventory.

Vendor Credit

A form of credit extended by a vendor to a business, allowing the purchase of goods or services on account or deferred payment terms.

Enter Bill

The action or process of recording a bill in financial software, indicating a liability or money owed by a business.