Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...

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.

Solutions

Expert Solution

All working forms part of the answer
Requirement ‘a’

Finished Goods inventory Jul 1	$ 66,470
Cost of Goods manufactured	$ 276,460
Cost of Goods available for sale	$ 342,930
LESS: Finished Goods inventory Jul 31	$ 60,590
Cost of Goods Sold	$ 282,340

Requirement ‘b’

A	Sales	$ 588,220
B	Cost of Goods Sold	$ 282,340
C = A - B	Gross Profits	$ 305,880

Requirement ‘c’

A	Gross Profits	$ 305,880
	*Operative expenses*
	Selling Expenses	$ 92,350
	Administrative expenses	$ 48,820
B	Total Operating Expensses	$ 141,170
C = A - B	Net Income	$ 164,710

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...

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 $259,000 Selling expenses 86,520 Administrative expenses 45,740 Sales 551,070 Finished goods inventory, January 1 62,270 Finished goods inventory, January 31 56,760 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...

Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...

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....

Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...

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 $314,150 Selling expenses 104,940 Administrative expenses 55,480 Sales 668,410 Finished goods inventory, January 1 75,530 Finished goods inventory, January 31 68,850 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...

ost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company The following information...

ost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company The following information is available for Aricanly Manufacturing Company for the month ending January 31: Cost of goods manufactured $3,606,000 Selling expenses 426,000 Administrative expenses 273,000 Sales 5,300,000 Finished goods inventory, January 1 707,000 Finished goods inventory, January 31 622,000 a. For the month ended January 31, determine Aricanly’s cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 31 $fill in the blank 9b3631ff903506c_2...

Accessories department reported the following: Cost of Goods Sold.. $245,000 Gross Margin.. 46% Net Profit.. 3%...

Accessories department reported the following: Cost of Goods Sold.. $245,000 Gross Margin.. 46% Net Profit.. 3% What is the “$ Net Sales” and “$ Operating Expenses”? A. $453,704 Net Sales; $195,093 Operating Expenses B. $36,296 Net Sales; $208,704 Operating Expenses C. $403,797 Net Sales; $208,704 Operating Expenses D. $13,611 Net Sales; $195,093 Operating Expenses

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $427,050 $533,810 Work in process 768,690 725,980 Finished goods 738,800 742,000 Advertising expense $362,460 Depreciation expense-office equipment 51,250 Depreciation expense-factory equipment 68,860 Direct labor 822,070 Heat, light, and power-factory 27,220 Indirect labor 96,090 Materials purchased 806,050 Office salaries expense 281,320 Property taxes-factory 22,420 Property taxes-headquarters building 46,440 Rent expense-factory 37,900 Sales...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: InventoriesJanuary 1December 31 Materials$459,660 $569,980 Work in process827,390 775,170 Finished goods795,210 792,270 Advertising expense$387,020 Depreciation expense-office equipment54,720 Depreciation expense-factory equipment73,530 Direct labor877,770 Heat, light, and power-factory29,070 Indirect labor102,600 Materials purchased860,670 Office salaries expense300,380 Property taxes-factory23,940 Property taxes-headquarters building49,590 Rent expense-factory40,470 Sales4,029,760 Sales salaries expense494,740 Supplies-factory19,950 Miscellaneous costs-factory12,540 Required: 1. Prepare the 20Y6 statement of cost of goods...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $330,810 $410,200 Work in process 595,460 557,870 Finished goods 572,300 570,180 Advertising expense $278,530 Depreciation expense-office equipment 39,380 Depreciation expense-factory equipment 52,920 Direct labor 631,710 Heat, light, and power-factory 20,920 Indirect labor 73,840 Materials purchased 619,400 Office salaries expense 216,180 Property taxes-factory 17,230 Property taxes-headquarters building 35,690 Rent expense-factory 29,120 Sales...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $346,490 $436,580 Work in process 623,680 593,750 Finished goods 599,430 606,850 Advertising expense $296,440 Depreciation expense-office equipment 41,910 Depreciation expense-factory equipment 56,320 Direct labor 672,330 Heat, light, and power-factory 22,270 Indirect labor 78,580 Materials purchased 659,240 Office salaries expense 230,080 Property taxes-factory 18,340 Property taxes-headquarters building 37,980 Rent expense-factory 31,000 Sales...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $373,870 $471,080 Work in process 672,970 640,670 Finished goods 646,800 654,800 Advertising expense $319,860 Depreciation expense-office equipment 45,220 Depreciation expense-factory equipment 60,770 Direct labor 725,460 Heat, light, and power-factory 24,030 Indirect labor 84,790 Materials purchased 711,330 Office salaries expense 248,260 Property taxes-factory 19,790 Property taxes-headquarters building 40,980 Rent expense-factory 33,450 Sales...

Subjects