b. For the month ended January 31, determine Bandera Manufacturing's gross profit. Bandera Manufacturing Company Gross Profit January 31 Line Item Description Amount Sales $577,220 Cost of goods sold 277,070 Gross profit 300,150 Feedback Check My Work b. Sales minus cost of goods sold equals gross profit. c. For the month ended January 31, determine Bandera Manufacturing's net income. Bandera Manufacturing Company Net Income January 31 Line Item Description Amount Amount Gross profit 300,150 Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income Feedback Check My Work c. Gross profit minus operating expenses equals net income.