Question 57 Using the information below, calculate gross profit for the period. Beginning Direct Materials Ending Direct Materials Beginning Goods in Process Ending Goods in Process Beginning Finished Goods Ending Finished Goods Cost of Goods Sold for the period Sales revenues for the period Operating expenses for the period $25,000 $30,000 $55,000 S64,000 $80,000 $67,000 $540,000 $1,254,000 $232,000 $714,000. $482,000. $1,022,000. $187,000. Cannot be determined from the information provided. Question 58 An internal control system consists of the policies and procedures managers use to do all of the following except: Urge adherence to company policies. Promote efficient operations. Ensure reliable accounting. Determine pricing for products. Protect assets. Question 59 The manufacturing statement is divided into four parts consisting of all of the following except: Direct materials. Computation of cost of goods sold. Overhead. Computation of cost of goods manufactured. Direct labor Question 60 Choosing to outsource a component of a product or manufacture it internally is an example of a(n: Opportunity cost. Sunk cost. Out-of-pocket cost. Period cost. Fixed cost