Concord Corporation had the following information at December 31: Finished goods inventory, January 1 $70000 Finished goods inventory, December 31 26000 If the cost of goods manufactured during the year amounted to $1895000 and annual sales were $2994000, how much is the amount of gross profit for the year?

Gross profit= $1,055,000

Explanation:

Giving the following information:

Finished goods inventory, January 1 $70,000

Finished goods inventory, December 31 $26,000

Cost of goods manufactured= $1,895,000

Sales= $2,994,000

First, we need to calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 70,000 + 1,895,000 - 26,000

COGS= $1,939,000

Now, the gross profit:

Gross profit= sales - cogs

Gross profit= 2,994,000 - 1,939,000

Gross profit= $1,055,000

answer; a large down payment,a longer term loan, would result in a lower monthly payment;

odd consecutive integers are odd integers that follow each other. they have a difference of 2 between every two numbers. if n is an odd integer, then n, n+2, n+4 and n+6 will be odd consecutive integers. the first number in the pattern is always the variable on its own or in this case, "n". examples.