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27 December, 11:07

Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,000Ending inventory $350,200Purchases $750,400Sales revenue $1,500,900Operating expenses $700,500What is the gross profit for the year?

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  1. 27 December, 14:35
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    Gross Profit 100700

    Explanation:

    Beggining Inventory 1000000

    Purchases 750400

    Inventory comsuption x

    Ending Inventory 350200

    Ending I=begginin Inv+Purchases-comsuption

    Comsuption = 1400200

    Sales revenue 1500900

    Cost 1400200

    Gross Profit 100700
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