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Gannon Company had the following information at December 31:

Finished goods inventory, January 1 $ 50,000
Finished goods inventory, December 31 150,000

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:

A) $650,000.

B) $2,000,000.

C) $750,000.

D) $550,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981416

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