Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Gonzalez
Manufacturing Company for the month ending July 31, 2016:
Cost of goods manufactured
$276,460
Selling expenses
92,350
Administrative expenses
48,820
Sales
588,220
Finished goods inventory, July 1
66,470
Finished goods inventory, July 31
60,590
For the month ended July 31, 2016, determine Gonzalez's (a) cost
of goods sold, (b) gross profit, and (c) net income.