The following information is available for Gonzalez Manufacturing Company for the month ending July 31,...
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Accounting
The following information is available for Gonzalez Manufacturing Company for the month ending July 31, 2014:
| Cost of goods manufactured | $289,870 |
| Selling expenses | 96,830 |
| Administrative expenses | 51,190 |
| Sales | 616,740 |
| Finished goods inventory, July 1 | 69,690 |
| Finished goods inventory, July 31 | 63,520
|
For the month ended July 31, 2014, determine Gonzalez's (a) cost of goods sold, (b) gross profit, and (c) net income.
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