Barger-Volvov Company Had the Following Information at December 31, 2020

question 123

Multiple Choice

Barger-Volvov Company had the following information at December 31, 2020: $\begin{array}{cc} \text { Finished goods inventory, January 1,2020 } &\$15,000\\ \text { Finished goods inventory, December 31, 2020 } &\$21,000\\\end{array}$
If the cost of goods manufactured during the year amounted to $332,500 and annual sales were $499,000, how much is the amount of gross profit for the year?

• A)$166,500
• B)$151,500
• C)$326,500
• D)$172,500

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Definitions:

KMnO4

Potassium permanganate, a strong oxidizing agent used in various chemical reactions, including organic synthesis and analytical chemistry.

Na2Cr2O7

Sodium dichromate is an inorganic compound consisting of sodium, chromium, and oxygen, used as an oxidizing agent in various chemical reactions, including those in organic chemistry.

Fatty Acid

A type of carboxylic acid that is often found in lipids, characterized by a long hydrocarbon chain which can be saturated or unsaturated.

Wax

A class of chemical compounds that are malleable at ambient temperatures and typically melt upon heating, often of natural or synthetic origin.