Answer the following questions using the information below:

Beginning finished goods, 1/1/2015 $ 40,000

Ending finished goods, 12/31/2015 33,000

Cost of goods sold 250,000

Sales revenue 600,000

Operating expenses 120,000

Required:

1) What is cost of goods manufactured for 2015? (3 MARKS)

2) What is gross margin for 2015? (2 MARKS)

3) What is operating income for 2015? (3 MARKS)