Question
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
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 | $162,050 |
| Selling expenses | 54,130 |
| Administrative expenses | 28,620 |
| Sales | 344,790 |
| Finished goods inventory, January 1 | 38,960 |
| Finished goods inventory, January 31 | 35,510 |
a. For the month ended January 31, determine Bandera Manufacturings cost of goods sold.
| Bandera Manufacturing Company | |
| Cost of Goods Sold | |
| January 31 | |
| $ | |
| $ | |
| $ | |
b. For the month ended January 31, determine Bandera Manufacturings gross profit.
| Bandera Manufacturing Company | |
| Gross Profit | |
| January 31 | |
| $ | |
| $ | |
c. For the month ended January 31, determine Bandera Manufacturings net income.
| Bandera Manufacturing Company | ||
| Net Income | ||
| January 31 | ||
| $ | ||
| Operating expenses: | ||
| $ | ||
| Total operating expenses | ||
| $ | ||
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
