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21 Gannon Company had the following information at December 31: Finished goods inventory, January 1 $ 50,000 Finished goods inventory, December 31 150,000 If the

21 Gannon Company had the following information at December 31: Finished goods inventory, January 1 $ 50,000 Finished goods inventory, December 31 150,000 If the Cost of Goods Manufactured (COGM) during the year amounted to $2,100,000 and annual sales were $2,750,000 the amount of Gross Profit for the year is O A. $550,000. O B. $750,000. OC. $650,000. O D. $2,000,000

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