The Following Information Appears on the Income Statement of the Davis

question 25

Multiple Choice

The following information appears on the income statement of the Davis Company at the end of the year. $$\begin{array} { l r } \text { Sales } & \$ 500,000 \\\text { Cost of Goods Manufactured } & 360,000 \\\text { Gross Profit on Sales } & 160,000 \\\text { Beginning finished goods inventory } & 120,000\end{array}$$ Ending finished goods inventory was:

• A) $140,000.
• B) $160,000.
• C) $200,000.
• D) $220,000. Cost of Goods Sold = 500,000 - 160,000 = 340,000.
• Ending finished goods inventory = 120,000 + 360,000 - 340,000 = 140,000.

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