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7. The following information pertains to Leonard's Shoe Manufacturing: Manufacturing costs $1,000,000 Shoes manufactured 100,000 Beginning inventory 0 pairs There were 99,500 pairs of shoes

7. The following information pertains to Leonard's Shoe Manufacturing: Manufacturing costs $1,000,000 Shoes manufactured 100,000 Beginning inventory 0 pairs There were 99,500 pairs of shoes sold during the year for $18 each. What is the amount of Leonard's gross profit? Round to the nearest dollar. a. $1,000,000 b. $995,000 c. $896,000 d. $796,000 e. $1,791,000

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