Using the information below, calculate gross profit for the period:

Beginning Raw Materials Inventory	$	24,500
Ending Raw Materials Inventory		29,500
Beginning Work in Process Inventory		54,000
Ending Work in Process Inventory		63,000
Beginning Finished Goods Inventory		79,000
Ending Finished Goods Inventory		66,000
Cost of Goods Sold for the period		535,000
Sales revenues for the period		1,244,000
Operating expenses for the period		227,000

Multiple Choice

• $166,000.

• $482,000.

• $1,017,000.

• $722,000.

• $709,000.