Gannon Company Had the Following Information at December 31 $\begin{array}{l}\text { Finished goods inventory, January } 1 & \$ 50,000\\\text { Finished goods inventory, December } 31&\$150,000\end{array}$

question 6

Multiple Choice

Gannon Company had the following information at December 31: $\begin{array}{l}\text { Finished goods inventory, January } 1 & \$ 50,000\\\text { Finished goods inventory, December } 31&\$150,000\end{array}$ If the cost of goods manufactured during the year amounted to $2200000 and annual sales were $2750000 the amount of gross profit for the year is

• A)$550000.
• B)$2100000.
• C)$650000.
• D)$450000.

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Definitions:

Socialization

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or social group.

Extended Family

A family structure that extends beyond the nuclear family, including grandparents, aunts, uncles, and other relatives.

Blended Family

A family consisting of a couple and their children from this and all previous relationships.

Scapegoat

An individual or group blamed for wrongs that they haven't committed, often as a way of deflecting blame from the responsible party.