Question

Chicago​ Steel's operating activities for the year are listed below.Beginning inventory​ $1,000,000Ending inventory​ $350,200Purchases​ $750,400Sales revenue​ $1,500,900Operating expenses​ $700,500What is the gross profit for the​ year?

Answer 1

Answer:

Gross Profit         100700

Explanation:

Beggining Inventory  1000000

Purchases                  750400

Inventory comsuption             x

Ending Inventory          350200

 

Ending I=begginin Inv+Purchases-comsuption  

Comsuption= 1400200  

 

Sales revenue 1500900  

Cost               1400200  

Gross Profit         100700