Benson Corporation had the following information at December 31: Finished goods inventory, January 1 = $75,000 Finished goods inventory, December 31 = $92,000 Cost of goods manufactured during the year = $1,480,000 . Annual sales = $2,150,000 How much is the amount of gross profit for the year?

Benson Corporation had the following information at December 31: Finished goods inventory, January 1 = $75,000 Finished goods inventory, December 31 = $92,000 Cost of goods manufactured during the year = $1,480,000 . Annual sales = $2,150,000 How much is the amount of gross profit for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

How much is the amount of gross profit for the year

Benson Corporation had the following information at
December 31:
Finished goods inventory, January 1 = $75,000
Finished goods inventory, December 31 = $92,000
Cost of goods manufactured during the year =
$1,480,000
. Annual sales = $2,150,000
How much is the amount of gross profit for the year?

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How much is the amount of gross profit for the year?
The amount of gross profit for the year ?
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