Using the information below calculate net income for the per

Using the information below, calculate net income for the period: Sales revenues for the period Operating expenses for the period Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Cost of goods manufactured for the period $1,308,000 243,000 40,000 45,000 544,000 Multiple Choice $782,000 $777000 $526,000. $539,000.

Solution

Sales revenue 1308000 Less: Cost of goods sold 539000 =544000+40000-45000 Gross margin 769000 Less: Operating expenses 243000 Net income 526000 Option 3 is correct