In 2017,Lake would recognize realized gross profit of:

Name: In 2017,Lake would recognize realized gross profit of:
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Question

Quizplus · Accepted Answer

The realized gross profit is determined by subtracting the cost of goods sold from the revenue. The revenue is given as $1,000,000 and the cost of goods sold is calculated as follows:
Beginning inventory + purchases - ending inventory
= $200,000 + $800,000 - $690,000
= $310,000
Therefore, the realized gross profit is:
$1,000,000 - $310,000 = $690,000
So, the correct answer is C.

In 2017,Lake Would Recognize Realized Gross Profit Of