Homework SourseCost of Goods Sold Profit margin and Net Income for a Manufa
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 | 60,160 |
Solution
(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 |
