Using the information below, calculate gross profit for the period.
sales revenues for the period $1,214,000
operating expenses for the period $230,000
finished goods inventory, january 1 35,100
finished goods inventory, december 31 40,100
cost of goods manufactured for the period $495,000
answers: (a) $729,000.(b) $724,000.(c) $485,000.(d) $490,000.(e) $413,800.

The correct answer is B: $724,000

Explanation:

Giving the following information:

Sales revenues for the period $1,214,000

Operating expenses for the period $230,000

Finished Goods Inventory, January 1 35,100

Finished Goods Inventory, December 31 40,100

Cost of goods manufactured for the period $495,000

We need to calculate the gross profit.

Gross profit= Sales revenue - cost of goods sold

Cost of good sold= Beginning goods inventory + Cost of goods manufactured for the period - finished goods inventory

COGS= 35100+ 495000 - 40100= 490000

Gross profit= 1214000 - 490000= $724000

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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