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	$185,350
Selling expenses	61,910
Administrative expenses	32,730
Sales	394,360
Finished goods inventory, January 1	44,560
Finished goods inventory, January 31	40,620

For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.

(a)

Bandera Manufacturing Company
Cost of Goods Sold
January 31
Finished goods inventory, January 1	$______
Cost of goods manufactured	_______
Cost of finished goods available for sale	$_______
Less finished goods inventory, January 31	_______
Cost of goods sold	$_________

(b)

Bandera Manufacturing Company
Gross Profit
January 31
Sales	$______
Cost of goods sold	______
Gross profit	$______

(c)

Bandera Manufacturing Company
Net Income
January 31
Gross profit		$______
Operating expenses:
Selling expenses	$_____
Administrative expenses	_______
Total operating expenses		________
Net income		$________