Gannon Company had the following information at December 31: $$\begin{array} { l r }
\text { Finished goods inventory, January 1 } & \$ 50,000 \
\text { Finished goods inventory, December 31 } & 150,000
\end{array}$$ If the cost of goods manufactured during the year amounted to $2,100,000 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: $$\begin{array} { l r } 
\text { Finished goods inventory, January 1 } & \$ 50,000 \
\text { Finished goods inventory, December 31 } & 150,000
\end{array}$$ If the cost of goods manufactured during the year amounted to $2,100,000 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: $$\begin{array} { l r } 
\text { Finished goods inventory, January 1 } & \$ 50,000 \
\text { Finished goods inventory, December 31 } & 150,000
\end{array}$$ If the cost of goods manufactured during the year amounted to $2,100,000 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 If the Cost of Goods Manufactured During the Year Amounted