Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company Th
ID: 2610074 • Letter: C
Question
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, 2014:
For the month ended July 31, 2014, determine Gonzalez's (a) cost of goods sold, (b) gross profit, and (c) net income.
(a)
Gonzalez Manufacturing Company
Cost of Goods Sold
July 31, 2014
$
$
$
(b)
Gonzalez Manufacturing Company
Gross Profit
July 31, 2014
$
$
(c)
Gonzalez Manufacturing Company
Net Income
July 31, 2014
$
Operating expenses:
$
Total operating expenses
$
Cost of goods manufactured $274,520 Selling expenses 91,700 Administrative expenses 48,480 Sales 584,090 Finished goods inventory, July 1 66,000 Finished goods inventory, July 31 60,160Explanation / Answer
(a) cost of goods sold :
B) Gross profit :
c) Net income
Beginning finished goods inventory 66000 Cost of goods manufactured 274520 Cost of goods available for sale 340520 Less: ENding finished goods inventory (60160) Cost of goods sold 280360