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Cost of goods sold, profit margin, and net income for a manufacturing company The following information is available for Vogt Manufacturing Company for the month
Cost of goods sold, profit margin, and net income for a manufacturing company
The following information is available for Vogt Manufacturing Company for the month ending July 31, 2014:
Cost of goods manufactued | $360,000 |
Selling expenses | 114,750 |
Administrative expense | 60,750 |
Sales | 729,000 |
Finished goods inventory, July 1 | 81,000 |
Finished goods inventory, July 31 | 75,000 |
For the month ended July 31, 2014, determine Vogt's (a) cost of goods sold, (b) gross profit, and (c) net income.
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