Lllvulllv u LMLUALAUAAL For the Quarter Ended June 30 (Sales=l6,000 units, Production = 20,000 units) Sales ................................................................................................... Less cost of goods sold: Finished goods inventory, beginning ............. Add: Cost of goods manufactured ................. Goods available for sale ................................. Deduct: Finished goods inventory, ending Cost of Goods Sold: ............................................................................ Gross margin ....................................................................................... Less operating expenses Selling and administrative salaries ................ Advertising ..................................................... Rental cost.........' . . ..... .. . Depreciation, office equipment ...................... Utilities ........................................................... Travel, salespersons ....................................... Total operating expenses ..................................................................... Net Income (Operating Profit)