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Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company
The following information is available for Bandera Manufacturing Company for the month ending January 31:
| Cost of goods manufactured | $248,950 |
| Selling expenses | 83,160 |
| Administrative expenses | 43,960 |
| Sales | 529,680 |
| Finished goods inventory, January 1 | 59,850 |
| Finished goods inventory, January 31 | 54,560 |
For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.
(a)
| Bandera Manufacturing Company |
| Cost of Goods Sold |
| January 31 |
| | $ |
| | |
| | $ |
| | |
| | $ |
(b)
| Bandera Manufacturing Company |
| Gross Profit |
| January 31 |
| | $ |
| | |
| | $ |
(c)
| Bandera Manufacturing Company |
| Net Income |
| January 31 |
| | | $ |
| Operating expenses: | | |
| | $ | |
| | | |
| Total operating expenses | | |
| | | $ |
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