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Gannon Company had the following information at December 31: Finished goods inventory, January 1 S 50,000 Finished goods inventory, December 31 150,000 If the cost of goods manufactured during the year amounted to $2,100,000 and annual sales were $2,750,000, the amount of gross profit for the year is $2,000,000. $550,000. $750,000. $650,000