Question

Chicago​ Steel's operating activities for the year are listed below.Beginning inventory​ $1,000,000Ending inventory​ $350,200Purchases​ $750,400Sales revenue​ $1,500,900Operating expenses​ $700,500What is the gross profit for the​ year?

Answer 1

Gross Profit 100700

Step-by-step explanation:

Beggining Inventory 1000000

Purchases 750400

Inventory comsuption x

Ending Inventory 350200

Ending I=begginin Inv+Purchases-comsuption

Comsuption= 1400200

Sales revenue 1500900

Cost 1400200

Gross Profit 100700