7 Using the information below, calculate gross profit for the period Sales revenues for the period Operating expenses for the period $1,374,000 246,000 27 Finished Goods Inventory, January 1 36,700 Finished Goods Inventory, December 31 41,700 Cost of goods manufactured for the period 575,000 Mudpie Choce $800,000 $804000 $565,000 $570,000 $474800 6 A company's prime costs total $4,635,000 and its conversion costs total $5,650,000. If direct materials costs are $2355,000. calculate the overhead costs: 27 Multiple Choice O $3100000 $2,470000 $2165.000 $105.000 $3.485.000 5 McCoy Brothers manufactures and sells two products. A and 2 in the ratio of 5:2. Product A sells for $80; 2 sells for $100. Variable costs for product A are $20 for 2 $40, Fixed costs are $423.500 Compute the contribution margin per compositeur Mute Choce O $390 $270 $300 $410 7 4 A manufacturer reports the following information below for its first three years in operation Income under variable costing Beginning inventory (units) Ending inventory (units) Year 1 Year 2 Year 3 $85,000 $118,000 $124,000 890 545 890 e 545 Fixed manufacturing overhead per unit $11.00 $11.00 $ 11.00 Income for year 1 using absorption costing is Multiple Choice $85.000 504790 5104580 $14.205 $18.005