Beginning direct materials....................................$25,000 ending dir

Question

Beginning direct materials....................................$25,000

ending direct materials.........................................30,000

beginning goods in process......................................55,000

ending goods in process...........................................64,000

beginning finished goods........................................80,000

ending finished goods...........................................67,000

cost of goods sold for the period..............................1.254,000

operating expenses for the period............................232,000

Refer to the figure above. Calculate gross profit for the period in question.

a. $714,000

b. $482,000

c. $1,022,000

d. $187,000

e. Cannot be determined from the information provided.

Explanation / Answer

Gross profit cannot be calculated without revenues, which we are not given here. Answer is (e).

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