In: Accounting
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 | $234,110 |
Selling expenses | 78,200 |
Administrative expenses | 41,340 |
Sales | 498,110 |
Finished goods inventory, January 1 | 56,290 |
Finished goods inventory, January 31 | 51,310 |
a. For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold.
Bandera Manufacturing Company | |
Cost of Goods Sold | |
January 31 | |
$ | |
$ | |
$ |
b. For the month ended January 31, determine Bandera Manufacturing’s gross profit.
Bandera Manufacturing Company | |
Gross Profit | |
January 31 | |
$ | |
$ |
c. For the month ended January 31, determine Bandera Manufacturing’s net income.
Bandera Manufacturing Company | ||
Net Income | ||
January 31 | ||
$ | ||
Operating expenses: | ||
$ | ||
Total operating expenses | ||
$ |