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Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 Purchased direct material $300,000 Direct labor Factory overhead Net sales $170,000 $190,000 $1,000,000 $280,000 Period cost What is the net profit? A. 120,000 B. 180,000 C. 300,000 D. Insufficient information to determine the gross profit E. None of all above

Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 Purchased direct material $300,000 Direct labor Factory overhead Net sales $170,000 $190,000 $1,000,000 $280,000 Period cost What is the net profit? A. 120,000 B. 180,000 C. 300,000 D. Insufficient information to determine the gross profit E. None of all above

FINANCIAL ACCOUNTING
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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Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 Purchased direct material $300,000 Direct labor Factory overhead Net sales $170,000 $190,000 $1,000,000 $280,000 Period cost What is the net profit? A. 120,000 B. 180,000 C. 300,000 D. Insufficient information to determine the gross profit E. None of all above
Transcribed Image Text:Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 Purchased direct material $300,000 Direct labor Factory overhead Net sales $170,000 $190,000 $1,000,000 $280,000 Period cost What is the net profit? A. 120,000 B. 180,000 C. 300,000 D. Insufficient information to determine the gross profit E. None of all above
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