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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 Period cost $170,000 $190,000 $1,000,000 $280,000 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 Period cost $170,000 $190,000 $1,000,000 $280,000 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

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...
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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 Period cost $170,000 $190,000 $1,000,000 $280,000 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 Period cost $170,000 $190,000 $1,000,000 $280,000 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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