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 $299,720 Selling expenses 100,120 Administrative expenses 52,930 Sales 637,700 Finished goods inventory, January 1 72,060 Finished goods inventory, January 31 65,680 a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 b. For the month ended January 31, determine Bandera Manufacturing's gross profit. Bandera Manufacturing Company Gross Profit January 31 c. For the month ended January 31, determine Bandera Manufacturing's net income. Bandera Manufacturing Company Net Income January 31 Gross profit 331,480 x Operating expenses: Selling expenses 100,080 X Administrative expenses 52,910 x 152,990 X Total operating expenses Net Income 178,490 X