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How do compute stevie co gross profit

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On 1/1/2001 Stevie Co. began the year with $200,000 of inventory, $50,000 of supplies, and $250,000 of land on which it plans to build administrative offices. During the year 2001, the company purchased $400,000 of inventory, then returned $30,000 of it because it was defective, purchased $80,000 of supplies, and purchased another $10,000 of land.

As of 12/31/2001 Stevie Co. reported ending inventory of $100,000, supplies of $8,000, and land of $260,000. Its net sales for the year were $1,300,000.

Problem 1: Compute Stevie CO's gross profit

Reference no: EM132756077

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