Using the information below, calculate gross profit for the period: sales revenues for the period $ 1,304,000 operating expenses for the period 239,000 finished goods inventory, january 1 36,000 finished goods inventory, december 31 41,000 cost of goods manufactured for the period 540,000

sales revenues for the period = $1,304,000

operating expenses for the period = $239,000

finished goods inventory, january 1 = 36,000

finished goods inventory, december 31 = 41,000

cost of goods manufactured for the period = $540,000

This is how we calculate this;

Beginning Finished Goods Inventory + Cost of goods manufactured - Ending Finished Goods Inventory = Cost of goods sold

Cost of goods sold = $36,000 + $540,000 - $41,000

= $535,000

Gross Profit = Sales - Cost of Goods Sold;

Gross Profit = $1,304,000 - $535,000

= $769,000