Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories

Ending Beginning Finished goods $75,000 $110,000

Work in process 80,000 70,000

Direct materials 95,000 90,000

Revenues and Costs for the Period: Sales $900,000

Cost of goods available for sale 775,000

Total manufacturing costs 675,000

Factory overhead 175,000

Direct materials used 205,000

Calculate the following for the year:

Gross Profit

(Format $XX,XXX)