Using the Information Below, Calculate Gross Profit for the Period

question 190

Multiple Choice

Using the information below, calculate gross profit for the period:

$\begin{array}{lr}\text {Beginning Raw Materials Inventory }&\$25,000\\\text { Ending Raw Materials Inventory }&30,000\\\text { Beginning Work in Process Inventory }&55,000\\\text { Ending Work in Process Inventory }&64,000\\\text { Beginning Finished Goods Inventory }&80,000\\\text { Ending Finished Goods Inventory }&67,000\\\text { Cost of Goods Sold for the period }&540,000\\\text { Sales Revenues for the period }&1,254,000\\\text { Operating Expenses for the period }&232,000\end{array}$

• A) $714,000.
• B) $482,000.
• C) $1,022,000.
• D) $187,000.
• E) $727,000.

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Definitions:

P-Value

The likelihood of witnessing outcomes in a test that are as extreme or more so than the observed ones, provided that the null hypothesis is accurate.

Randomized Block Experiment

An experimental design that aims to reduce the effects of variables known as blocks by randomly assigning treatments within each block.

Rank Sums

A statistic used in non-parametric tests that involves summing the ranks of observations in one of two samples when comparing medians.

One-Tail

Refers to a one-tailed test in statistics where the critical area of a distribution is one-sided so that it tests for the possibility of the relationship in a single direction.