Cost of goods manufactured during the year amounted, Accounting Basics

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Cost of goods manufactured during the year amounted

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: Cost of goods manufactured during the year amounted

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Accounting Basics: Cost of goods manufactured during the year amounted

Reference No:- TGS090344

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What is the interest expense on the bonds

Q : Accounts receivable approach to estimate the bad debts

Q : Amount of overapplied overhead mean

Q : Under-or overapplication of overhead for the period

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Cost of goods manufactured during the year amounted

Reference No:- TGS090344

Recent Questions Asked Accounting Basics

Q : What is the interest expense on the bonds

Q : Accounts receivable approach to estimate the bad debts

Q : Amount of overapplied overhead mean

Q : Under-or overapplication of overhead for the period

Q : Cost of goods manufactured during the year amounted

Q : What amount was transferred to the finished goods

Q : Direct labor incurred related problem

Q : How much overhead must be applied

Q : Company predetermined overhead rate to the nearest cent

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