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​Precious, Inc. is a merchandiser of a single line of golden rings. At the beginning of the​ day, the shop had 10 rings in its inventory. During the​ day, 4 new rings were delivered to the shop. By close of​ business, only 7 rings remained in inventory. The purchase price of each ring from the supplier is ​$223. In​ addition, the company pays​ $5 for shipping and delivery insurance on each ring that they purchase. What is the​ company’s Gross Profit for the day if it sells each ring for ​$662​?

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Answer:

Gross profit=$3038

Explanation:

We need to calculate the gross profit of the day based on the following information:

Beginning inventory= 10 rings

Purcase= 4 rings

Ending inventory= 7 rings

Cost of each ring= $223

Freight and insurance= $5 unit

Unitary cost= 223+5= $228

Total sale in units= 10+4-7= units

Gross profit= (PxQ)-(Unitary cost*Q)

Gross profit= (7*662)-(228*7)=$3038

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