The following information is for Montreal Gloves Inc. for the year 2016: Manufacturing costs .................................... $3,000,000 Number

Question:

The following information is for Montreal Gloves Inc. for the year 2016:
Manufacturing costs .................................... $3,000,000
Number of gloves manufactured ...................... 300,000 pairs
Beginning inventory ............................................ 0 pairs
Sales in 2016 were 298,500 pairs of gloves for $18 per pair.
Instructions
Calculate the following:
(a) What is the cost of goods sold for 2016?
(b) What is the amount of the gross profit for 2016?
(c) What is the cost of the finished goods for 2016?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...