SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
Publisher: Cengage
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can you help me with this question ? general accounting
Harrison Company had the following information at
December 31:
⚫ Finished goods inventory, January 1: $40,000
•
Finished goods inventory, December 31: $70,000
.
Cost of goods manufactured during the year:
$1,500,000
Annual sales: $2,000,000
What is the gross profit for the year?
A) $500,000
B) $800,000
C) $600,000
D) $1,200,000
A company normally sells its product for $25 per unit. This company's current inventory consists of 250 units purchased at $18 per unit. Replacement cost has now fallen to $15 per unit. Calculate the value of this company's inventory at a lower cost or market.
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