Question
The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $139,810 Selling expenses 46,700 Administrative expenses
The following information is available for Bandera Manufacturing Company for the month ending January 31:
Cost of goods manufactured | $139,810 |
Selling expenses | 46,700 |
Administrative expenses | 24,690 |
Sales | 297,470 |
Finished goods inventory, January 1 | 33,610 |
Finished goods inventory, January 31 | 30,640 |
a. For the month ended January 31, determine Bandera Manufacturings cost of goods sold.
Finished goods inventory, January 1Finished goods inventory, January 31SalesSelling expensesFinished goods inventory, January 1 | $Finished goods inventory, January 1 |
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldGross profitCost of goods manufactured | Cost of goods manufactured |
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldGross profitCost of finished goods available for sale | $Cost of finished goods available for sale |
Administrative expensesFinished goods inventory, January 1Finished goods inventory, January 31Selling expensesFinished goods inventory, January 31 | Finished goods inventory, January 31 |
Cost of finished goods available for saleCost of goods manufacturedCost of goods soldGross profitCost of goods sold | $Cost of goods sold |
b. For the month ended January 31, determine Bandera Manufacturings gross profit.
Cost of goods available for saleFinished goods inventory, January 1Finished goods inventory, January 31SalesSales | $Sales |
Cost of goods available for saleCost of goods manufacturedCost of goods soldSelling expensesCost of goods sold | Cost of goods sold |
Administrative expensesCost of goods available for saleCost of goods soldGross profitGross profit | $Gross profit |
c. For the month ended January 31, determine Bandera Manufacturings net income.
Cost of goods available for saleCost of goods soldFinished goods inventory, January 1Gross profitGross profit | $Gross profit | |
Operating expenses: | ||
Cost of goods manufacturedCost of goods soldSalesSelling expensesSelling expenses | $Selling expenses | |
Administrative expensesCost of goods soldFinished goods inventory, January 31Gross profitAdministrative expenses | Administrative expenses | |
Total operating expenses | fill in the blank 1335e3039fd1038_7 | |
Cost of goods available for saleCost of goods soldGross profitNet incomeNet income | $Net income |
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