Grantwell Corp. had the following information at December 31: Finished goods inventory, January 1: $40,000 Finished goods inventory, December 31: $85,000 If the cost of goods manufactured during the year amounted to $1,320,000 and annual sales were $1,700,000, the amount of gross profit for the year is: A. $375,000 B. $395,000 C. $425,000 D. $380,000

Grantwell Corp. had the following information at December 31: Finished goods inventory, January 1: $40,000 Finished goods inventory, December 31: $85,000 If the cost of goods manufactured during the year amounted to $1,320,000 and annual sales were $1,700,000, the amount of gross profit for the year is: A. $375,000 B. $395,000 C. $425,000 D. $380,000

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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Abc
Calculate it
What is the gross profit for the year?
General Accounting