on 7 Using the amounts show below in the Schedule of ete Cost of Goods Manufactured and Partial Cost of .2 out of Goods Sold Schedule. Calculate the Gross Profit amount if Sales were $3,300,000. n Schedule of Cost of Goods Manufactured Op Balance Direct Materials $420,000 Purchases $800,000 Materials available for use $1,220,000 Less: Closing balance $380,000 Direct Materials used in Production $840,000 OP Balance WIP $860,000 Conversion costs: $1,200,000 Total cost of manufacturing $2,900,000 Less: CB WIP $920,000 Cost of Goods Manufactured $1,980,000 Other information: Opening Balance Finished Goods $650,000 Closing Balance Finished Goods $230,000 Select one: a. $1,740,000 b. $900,000