Using the information below, calculate gross profit for the period. Beginning Ra

Question

Using the information below, calculate gross profit for the period. Beginning Raw Materials Inventory $28,000 nd ing Direct Materials Inventory $33,000 |Beginning Work in Process Inventory $61.00 nding Work in Process Inventory $70,000 Beginning Finished Goods Inventory $86,000 $73,00 Cost of Goods Sold for the period $570,000 $1,314.00 Operating expenses for the period $262.000 ( ?129:45) nding Finished Goods Inventory Sales revenues for the period Multiple Choice $744,000 $482000 $1,052000 $131,000. $757000

Explanation / Answer

1. $744,000

2. $685,000

3. $3,024,000

Prime Cost= Direct Material + Direct Labour

Conversion cost= Direct Labour+Overhead

4. $ 893,000

5. Gross Profit - $643,800 , Net Income - $ 413,800

Please note that for Question 5 , the answer for Gross Margin will be 643,800 but no option given in the question.

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Sales Revenue $ 1,314,000 Less:cost of Goods Sold $     570,000 Gross Margin $     744,000

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