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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 3 years ago
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