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:

Line Item Description	Amount
Cost of goods manufactured	$218,240
Selling expenses	72,900
Administrative expenses	38,540
Sales	464,340
Finished goods inventory, January 1	52,470
Finished goods inventory, January 31	47,830

Question Content Area

a. For the month ended January 31, determine Bandera Manufacturings cost of goods sold.

Costs Type	Amount
Cost of goods soldFinished goods inventory, January 1Finished goods inventory, January 31SalesSelling expenses	$- Select -
Cost of goods manufacturedCost of goods soldGross profitSalesSelling expenses	- Select -
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldGross profitSales	$- Select -
Administrative expensesCost of goods soldFinished goods inventory, January 1Finished goods inventory, January 31Selling expenses	- Select -
Administrative expensesCost of finished goods available for saleCost of goods manufacturedCost of goods soldGross profit	$- Select -

Question Content Area

b. For the month ended January 31, determine Bandera Manufacturings gross profit.

Line Item Description	Amount
Cost of goods manufacturedCost of goods available for saleFinished goods inventory, January 1Finished goods inventory, January 31Sales	$- Select -
Administrative expensesCost of goods available for saleCost of goods manufacturedCost of goods soldSelling expenses	- Select -
Administrative expensesCost of goods available for saleCost of goods soldGross profitSelling expenses	$- Select -

Question Content Area

c. For the month ended January 31, determine Bandera Manufacturings net income.

Line Item Description	Amount	Amount
Administrative expensesCost of goods available for saleCost of goods soldFinished goods inventory, January 31Gross profit		$- Select -
Operating expenses:
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldSalesSelling expenses	$- Select -
Administrative expensesCost of finished goods available for saleCost of goods soldFinished goods inventory, January 31Gross profit	- Select -
Total operating expenses		Total operating expenses
Net incomeNet loss		$- Select -