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ira [324]
3 years ago
11

On July 1, Robles Metal Products had a beginning inventory of $505,700. During the quarter, goods costing $290,900 were manufact

ured. The inventory at the end of September was $485,300. During the quarter, Robles' net sales were $759,200. What was the cost of goods sold for the quarter? What was Robles's gross profit for the quarter?
Business
1 answer:
irga5000 [103]3 years ago
7 0

Answer:

Instructions are below.

Explanation:

Giving the following information:

beginning inventory= $505,700

Cost of goods manufactured= $290,900

Ending inventory= $485,300

Net sales= $759,200.

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 505,700 + 290,900 - 485,300

COGS= $311,300

Now, we can determine the gross profit:

Gross profit= net sales - COGS

Gross profit= 759,200 - 311,300

Gross profit= 447,900

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Beginning Work in process inventory: $30,000

Ending Work in process inventory: $12,000

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