Question
The following information pertains to Leonard's Shoe Manufacturing: Manufacturing costs $1,000,000 Shoes manufactured 100,000 Beginning inventory 0 pairs There were 99,500 pairs of shoes sold
The following information pertains to Leonard's Shoe Manufacturing:
| Manufacturing costs | $1,000,000 |
|---|---|
| Shoes manufactured | 100,000 |
| Beginning inventory | 0 pairs |
There were 99,500 pairs of shoes sold during the year for $18 each. What is the amount of Leonard's gross profit? Round to the nearest dollar.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
