Using the information below, calculate gross profit for the period:
beginning raw materials inventory$28,500
ending raw materials inventory 33,500
beginning work in process inventory 62,000
ending work in process inventory 71,000
beginning finished goods inventory 87,000
ending finished goods inventory 74,000
cost of goods sold for the period 575,000
sales revenues for the period 1,324,000
operating expenses for the period 267,000
a. $749,000.
b. $482,000.
c. $1,057,000.
d. $126,000.
e. $762,000.

a. $749,000.

Explanation:

The computation of the gross profit is shown below:

Gross profit = Sales Revenues for the period - Cost of Goods Sold for the period

= $1,324,000 - $575,000

= $749,000

It is shown in the income statement

We simply deduct the cost of goods sold from the sales revenue so that the gross profit can come

All other information which is given is not relevant. Hence, ignored it

c). housing, savings, and food and d). housing, food, and transportation. i hope this is good luck on the rest of your work.