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 $302,650 Selling expenses 101,100 Administrative expenses 53,450 Sales 643,940 72,770 Finished goods inventory, January 1 Finished goods inventory, January 31 66,330 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 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, January 31 Cost of goods sold Feedback ---- Finished goods inventory, January 31 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 Gross Profit January 31 Feedback Check My Work b. Sales minus cost goods sold equals gross profit. c. For the month ended January 31, determine Bandera Manufacturing's net income. Check My Work 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 $ Operating expenses: Total operating expenses Feedback Check My Work c. Gross profit minus operating expenses equals net income. Feedback Check My Work