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Finished goods inventory, January 1 $ 60000 Finished goods inventory, December 31 160000 If the cost of goods manufactured during the year amounted to $2200000

Finished goods inventory, January 1 $ 60000 Finished goods inventory, December 31 160000 If the cost of goods manufactured during the year amounted to $2200000 and annual sales were $2750000, the amount of gross profit for the year is $550000. $650000. $450000. $2100000

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