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Compute the amount of gross profit for the year

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Question - Lincoln Company had the following information at December 31:

Finished goods inventory, January 1 $60,000

Finished goods inventory, December 31 170,000

If the cost of goods manufactured during the year amounted to $2,400,000 and annual sales were $2,950,000, compute the amount of gross profit for the year?

A. $446,000.

B. $720,000.

C. $550,000.

D. $660,000.

E. None of the above.

Reference no: EM132537964

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