Lincoln Company had the following information at December 31:

Finished goods inventory, January 1

$60,000

Finished goods inventory, December 31

170,000

If the cost of goods manufactured during the year amounted to $2,400,000 and annual sales were $2,950,000, the amount of gross profit for the year is

Select one:

A.$446,000.

B.$720,000.

C.$550,000.

D.$660,000.

E.None of the above.