The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $ 20,000 Direct Materials Used: $100,000 Direct Costs Incurred in Production: $200,000 Indirect Costs Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Ending inished Goods Inventories: $60,000 Sales: $60,000 Selling and Administrative Expenses: $ 160,000 Great Grains' Gross Profit for 2022 amounted to: a. $20,000 b. $60,000 c. $160,000 d.$220,000
The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $ 20,000 Direct Materials Used: $100,000 Direct Costs Incurred in Production: $200,000 Indirect Costs Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Ending inished Goods Inventories: $60,000 Sales: $60,000 Selling and Administrative Expenses: $ 160,000 Great Grains' Gross Profit for 2022 amounted to: a. $20,000 b. $60,000 c. $160,000 d.$220,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw
Materials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $
20,000 Direct Materials Used: $100,000 Direct Costs Incurred in Production: $200,000 Indirect
Costs Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Ending
inished Goods Inventories: $60,000 Sales: $60,000 Selling and Administrative Expenses: $
160,000 Great Grains' Gross Profit for 2022 amounted to:
a. $20,000
b. $60,000
c. $160,000
d.$220,000
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