Lakeshore Manufacturing provided the following information for the month ended March 31: $\begin{array} {| l | r | }
\hline \text { Sales Revenue } & \$ 30,000 \
\hline \text { Beginning Finished Goods Inventory } & 17,000 \
\hline \text { Ending Finished Goods Inventory } & 11,500 \
\hline \text { Cost of Goods Manufactured } & 12,600 \
\hline
\end{array}$ Compute gross profit.

Question

Lakeshore Manufacturing provided the following information for the month ended March 31: $\begin{array} {| l | r | } 
\hline \text { Sales Revenue } & \$ 30,000 \
\hline \text { Beginning Finished Goods Inventory } & 17,000 \
\hline \text { Ending Finished Goods Inventory } & 11,500 \
\hline \text { Cost of Goods Manufactured } & 12,600 \
\hline
\end{array}$ Compute gross profit.

Quizplus · Accepted Answer

$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text { Lakeshore Manufacturing}$ 
$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text {Income Statement}$
$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text {Month Ended March 31, 20?X}$
 
$ \begin{array}{lr}
\text { Revenues }&&\
 \text { Sales Revenue}&&\$ 30,000 \
\text { Cost of Goods Sold }&&\
\text { Beginning Finished Goods Inventory } & \$ 17,000 \
 \text { Cost of Goods Manufactured } & \underline{12,600} \ 
\text { Cost of Goods Available for Sale } & 29,600 \
 \text { Ending Finished Goods Inventory } & \underline{11,500} \
 \text { Cost of Goods Sold}&&\underline{18,100}\
 \text { Gross Profit}&&\underline{\$11,900} 
 \end{array} $

Lakeshore Manufacturing Provided the Following Information for the Month Ended