76. Gannon Company had the following information at December 31:Finished goods inventory, January 1$ 30,000 Finished goods inventory, December 3190,000 If the cost of goods manufactured during the year amounted to $1.260,000 and annual sales were $1,650,000, the amount of gross profit for the year is A) $390,000. B) $1.200,000. C) $450,000. D) $330,000.

76. Gannon Company had the following information at December 31:Finished goods inventory, January 1$ 30,000 Finished goods inventory, December 3190,000 If the cost of goods manufactured during the year amounted to $1.260,000 and annual sales were $1,650,000, the amount of gross profit for the year is A) $390,000. B) $1.200,000. C) $450,000. D) $330,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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