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 $212,770 manufactured Selling expenses 71,080 Administrative expenses 37,570 Sales 452,710 Finished goods inventory, 51,160 January 1 Finished goods inventory, 46,630 January 31 a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January 1 51,160 Cost of goods manufactured 212,770 Cost of finished goods available for sale 263,930 Finished goods inventory, January 31 46,630 310,560 x Cost of goods sold Feedback Check My Work a. Add the cost of goods manufactured to the beginning finished goods. Subtract the ending finished goods. b. For the month ended January 31, determine Bandera Manufacturing's gross profit. Bandera Manufacturing Company Sales Gross Profit January 31 Cost of goods sold Gross profit Feedback Check My Work 310,560 x 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 Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income Feedback Check My Work 71,080 37,570 c. Gross profit minus operating expenses equals net income. Feedback Check My Work Partially correct