Selling and Administrative Expenses: $160,000 Great Grains' What is the Gross Profit for 2022 amounted? The following

Selling and Administrative Expenses: $160,000 Great Grains' What is the Gross Profit for 2022 amounted?
 

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The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $20,000 Direct Materials Used: $100,000 Direct Costs Incurred in Production: $200,000 Indirect Costs Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Ending Finished Goods Inventories: $60,000 Sales: $600,000 The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $20,000 Direct Materials Used: $100,000 Direct Costs Incurred in Production: $200,000 Indirect Costs Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Ending Finished Goods Inventories: $60,000 Sales: $600,000

Answer rating: 100% (QA)

We can calculate the Cost of Goods Sold COGS using the following formul... View the full answer