Reference no: EM132729033
Questions -
Q1. Our company is a manufacturer and has the following data available for the current year:
sales, $550,000;
cost of goods manufactured, $250,000;
finished goods beginning inventory, $20,000; and
finished goods ending inventory, $30,000.
What is the amount reported on the income statement for gross profit?
a. $260,000
b. $240,000
c. $290,000
d. $310,000
Q2. Our company is a manufacturer and has the following data available for the current year:
sales, $550,000;
sales discounts, $20,000;
sales returns and allowances, $15,000; and
cost of goods sold, $200,000.
What is the amount reported on the income statement for gross profit?
a. $530,000
b. $515,000
c. $330,000
d. $315,000
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