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5 July, 01:28

Using the information below, calculate gross profit for the period: sales revenues for the period $ 1,304,000 operating expenses for the period 239,000 finished goods inventory, january 1 36,000 finished goods inventory, december 31 41,000 cost of goods manufactured for the period 540,000

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  1. 5 July, 03:05
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    sales revenues for the period = $1,304,000

    operating expenses for the period = $239,000

    finished goods inventory, january 1 = 36,000

    finished goods inventory, december 31 = 41,000

    cost of goods manufactured for the period = $540,000

    This is how we calculate this;

    Beginning Finished Goods Inventory + Cost of goods manufactured - Ending Finished Goods Inventory = Cost of goods sold

    Cost of goods sold = $36,000 + $540,000 - $41,000

    = $535,000

    Gross Profit = Sales - Cost of Goods Sold;

    Gross Profit = $1,304,000 - $535,000

    = $769,000
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