Gannon Company Had the Following Information at December 31: Finished $1 \quad \$ 50,000$

question 137

Multiple Choice

Gannon Company had the following information at December 31: Finished goods inventory, January $1 \quad \$ 50,000$
Finished goods inventory, December $31 \quad 150,000$ If the cost of goods manufactured during the year amounted to $2,200,000 and annual sales were $2,750,000, the amount of gross profit for the year is

• A)$550,000.
• B)$2,100,000.
• C)$650,000.
• D)$450,000.

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Definitions:

Traumatic Events

Incidents that provoke psychological, emotional, or physical harm or distress in an individual.

Episodic Memory

Type of long-term memory that involves the recollection of specific events, situations, and experiences, including their context and associated emotions.

Governing Principles

Fundamental rules or laws that dictate the operation or management of an organization, system, or set of beliefs.

Defense Mechanism

Psychological strategies brought into play by various entities to cope with reality and to maintain self-image.