Question: Answer the following questions using the information below: Beginning finished goods, 1/1/2022 $ 40,000 Ending finished goods, 12/31/2022 35,000 Cost of goods sold 300,000 Sales

Answer the following questions using the information below: Beginning finished goods, 1/1/2022 $ 40,000 Ending finished goods, 12/31/2022 35,000 Cost of goods sold 300,000 Sales revenue 700,000 Operating expenses 120,000 Required: 1) What is cost of goods manufactured for 2022? 2) What is gross margin for 2022? 3) What is operating income for 2022?

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