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What is gross profit for the year

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Reference no: EM132521702

Here are data regarding Steel Enterprises' current year operations:

Units produced during year                             1,700

Units sold during year                                     1,400

Selling price                                                  $130 per unit

Variable manufacturing costs                            $61 per unit

Variable selling and administrative expenses           $10 per unit

Fixed manufacturing overhead                            $35,700 total

Fixed selling and administrative expenses            $8,000 total

Question 1: Using absorption costing, what is gross profit for the year?

Reference no: EM132521702

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