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Calculate cost of goods manufactured, and cost of goods sold

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Reference no: EM133100067

Question - Calculate cost of goods manufactured, and cost of goods sold. The following information is for Montreal Gloves Inc. for the year 2016:

Manufacturing costs $3,000,000

Number of gloves manufactured 300,000 pairs

Beginning inventory 0 pairs

Sales in 2016 were 298,500 pairs of gloves for $18 per pair.

Required - Calculate the following:

(a) What is the cost of goods sold for 2016?

(b) What is the amount of the gross profit for 2016?

Reference no: EM133100067

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