Gannon Company had the following information at December 31: Finished goods inventory, January $ 1 \quad \$ 50,000 $
Finished goods inventory December $ 31 \quad 150,000 $ If the cost of goods manufactured during the year amounted to $2,200,000 and annual sales were $2,750,000, the amount of gross profit for the year is

Question

Gannon Company had the following information at December 31: Finished goods inventory, January $ 1 \quad \$ 50,000 $ 
Finished goods inventory December $ 31 \quad 150,000 $ If the cost of goods manufactured during the year amounted to $2,200,000 and annual sales were $2,750,000, the amount of gross profit for the year is

Quizplus · Accepted Answer

The Answer of Gannon Company had the following information at December 31: Finished goods inventory, January $ 1 \quad \$ 50,000 $ 
Finished goods inventory December $ 31 \quad 150,000 $ If the cost of goods manufactured during the year amounted to $2,200,000 and annual sales were $2,750,000, the amount of gross profit for the year is

Gannon Company Had the Following Information at December 31: Finished 1$50,000 1 \quad \$ 50,000 1$50,000

Gannon Company Had the Following Information at December 31: Finished $1 \quad \$ 50,000$