Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company

The following information is available for Aricanly Manufacturing Company for the month ending January 31:

Cost of goods manufactured	$218,160
Selling expenses	72,870
Administrative expenses	38,530
Sales	464,160
Finished goods inventory, January 1	52,450
Finished goods inventory, January 31	47,810

Question Content Area

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

Aricanly Manufacturing Company Cost of Goods Sold January 31

Finished goods inventory, January 1

Cost of goods manufactured

Cost of finished goods available for sale

Less finished goods inventory, January 31

Cost of goods sold

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

SALES

COST OF GOODS SOLD

GROSS PROFIT

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

GROSS PROFIT

OPERATING EXPENSES

SELLING EXPENSE

ADMIN EXPENSE

TOTAL OPPERATING EXPENSES

NET INCOME