Amount of gross profit for specific year, Accounting Basics

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Amount of gross profit for specific year

Gannon Company had the following information at December 31:

Finished goods inventory, January 1 $ 50,000
Finished goods inventory, December 31 150,000

If the cost of goods manufactured during the year amounted to $2,100,000 and annual sales were $2,750,000, the amount of gross profit for the year is

A) $650,000.

B) $2,000,000.

C) $750,000.

D) $550,000.

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Accounting Basics: Amount of gross profit for specific year

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Accounting Basics: Amount of gross profit for specific year

Reference No:- TGS090360

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Recent Questions Asked Accounting Basics

Q : What amount will be reported as bad debt expense

Q : Overhead assigned to work in process

Q : Meaning of amount of overapplied overhead

Q : Under or overapplication of overhead for specific period

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Amount of gross profit for specific year

Reference No:- TGS090360

Recent Questions Asked Accounting Basics

Q : What amount will be reported as bad debt expense

Q : Overhead assigned to work in process

Q : Meaning of amount of overapplied overhead

Q : Under or overapplication of overhead for specific period

Q : Amount of gross profit for specific year

Q : Cost of goods manufactured schedule problem

Q : What amount was transferred to the finished goods

Q : Problem based on direct labor incurred

Q : Expected annual overhead costs concepts

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