Barger Company Had the Following Information at December 31 $\begin{array}{lr}\text { Finished goods inventory, January } 1 & \$ 90,000 \\\text { Finished goods inventory, December 31 } & 126,000\end{array}$

question 38

Multiple Choice

Barger Company had the following information at December 31: $\begin{array}{lr}\text { Finished goods inventory, January } 1 & \$ 90,000 \\\text { Finished goods inventory, December 31 } & 126,000\end{array}$ If the cost of goods manufactured during the year amounted to $1,995,000 and annual sales were $2,994,000, how much is the amount of gross profit for the year?

• A)$999,000
• B)$909,000
• C)$1,959,000
• D)$1,035,000

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Definitions:

Phillips Curve

An economic theory that proposes an inverse relationship between the rate of unemployment and the rate of inflation in an economy.

Inflation Rate

The rate, expressed as a percentage, at which the overall cost of goods and services increases, leading to a decrease in purchasing power.

Unemployment

The situation in which individuals who are capable of working and willing to work are not able to find employment.

Money Supply

The comprehensive total of money assets accessible in an economy at a particular instance.