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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 | $162,050 |
| Selling expenses | 54,130 |
| Administrative expenses | 28,620 |
| Sales | 344,790 |
| Finished goods inventory, January 1 | 38,960 |
| Finished goods inventory, January 31 | 35,510 |
a. For the month ended January 31, determine Bandera Manufacturings cost of goods sold.
| Bandera Manufacturing Company |
| Cost of Goods Sold |
| January 31 |
| | $ |
| | |
| | $ |
| | |
| | $ |
b. For the month ended January 31, determine Bandera Manufacturings gross profit.
| Bandera Manufacturing Company |
| Gross Profit |
| January 31 |
| | $ |
| | |
| | $ |
c. For the month ended January 31, determine Bandera Manufacturings net income.
| Bandera Manufacturing Company |
| Net Income |
| January 31 |
| | | $ |
| Operating expenses: | | |
| | $ | |
| | | |
| Total operating expenses | | |
| | | $ |
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