Gannon Company had the following information at December 31: Finished goods inventory, January 1 $30,000 Finished goods inventory, December 31 $90,000 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.

Gannon Company had the following information at December 31: Finished goods inventory, January 1 $30,000 Finished goods inventory, December 31 $90,000 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.

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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