Gannon Company Had the Following Information at December 31 $\begin{array}{l}\text { Finished goods inventory, January } 1 & \$ 50,000\\\text { Finished goods inventory, December } 31&\$150,000\end{array}$

Gannon Company had the following information at December 31: $\begin{array}{l}\text { Finished goods inventory, January } 1 & \$ 50,000\\\text { Finished goods inventory, December } 31&\$150,000\end{array}$ If the cost of goods manufactured during the year amounted to $2200000 and annual sales were $2750000 the amount of gross profit for the year is

A) $550000.
B) $2100000.
C) $650000.
D) $450000.