(Answered) Question - a company had the following information on

Accounting

Question - A company had the following information on December 31:

Finished goods inventory, January 1 - $225,000

Finished goods inventory, December 31 - $198,000

The cost of goods manufactured during the year was $2,400,000, and annual sales were $3,000,000.

How much is the company's gross profit for the year?

$573,000
$627,000
$600,000
$423,000

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