Question: Th e following information is for Montreal Gloves Inc. for the year 2012: Manufacturing costs ..........................................$3,000,000 Number of gloves manufactured ..........................300,000 pairs Beginning inventory ................................................0

Th e following information is for Montreal Gloves Inc. for the year 2012:

Manufacturing costs ..........................................$3,000,000

Number of gloves manufactured ..........................300,000 pairs

Beginning inventory ................................................0 pairs

Sales in 2012 were 298,500 pairs of gloves for $18 per pair.

Instructions

Calculate the following:

(a) What is the cost of goods sold for 2012?

(b) What is the amount of the gross profit for 2012?

(c) What is the cost of the finished goods ending inventory for 2012?

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