Using the information below, calculate gross profit for the period:
A) $774,000.
B) $769,000.
C) $530,000.
D) $535,000.
E) $448,000.
B) $769,000.
Explanation: Beginning Finished Goods Inventory + Cost of goods manufactured - Ending
Finished Goods Inventory = Cost of goods sold
Cost of goods sold = $36,000 + $540,000 - $41,000 = $535,000
Gross Profit = Sales - Cost of Goods Sold; Gross Profit = $1,304,000 - $535,000 = $769,000
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