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gannon company had the following information at december 31: finished goods inventory, january 1 $ 30,000 finished goods inventory, december 31 90,000 if the cost of goods manufactured during the year amounted to $1,260,000 and annual sales were $1,650,000, the amount of gross profit for the year is group of answer choices $390,000. $1,200,000. $450,000. $330,000.

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The amount of gross profit for the year is calculated to be $450,000.

How to calculate gross profit for the year?

Revenue less the expense of supplying the goods or services offered is known as gross profit.

The gross profit in this case for the entire year is $450,000. Gross profit (or gross margin) is the difference between a company's total revenue and its cost of goods sold (COGS). Knowing a company's gross profit is significant since it shows the profit before operational costs, interest costs, and taxes.

Thus, We must compute the cost of products sold in order to determine the gross profit for the year:

$1,650,000 - $1,260,000 = $390,000

$390,000 - $ 30,000 = $360,000

$360,000 + $90,000 =  $450,000

Know more about the gross profit at:

https://brainly.com/question/13335677

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