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 ending January 31: Cost of goods manufactured $231,660 Selling expenses 77,390 Administrative expenses 40,910 Sales 492,900 Finished goods inventory, January 1 55,700 Finished goods inventory, January 31 50,770 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 wth ander lanuary 31. determine Bandera Manufacturing's gross profit.

Answer 1

Sol (a) of goods manufactured Cost of goods sold - Jan 31 Finished goods invent day, Jan 1 - $ 55700 231660 + Cost 28 7360 cost of Finished goods available for sale (50770) Finished goods inventory , Jan 31 $ 236540 of goods sold Cost 31 Jan 6 Gross probit cost sold 55700 Finished goods inventory , Jan 1 t cost of goods goode manobactured 231660 287360 Cost of goods available for sale Finished goods inventory, Jan 31 (50770) of goods sold. $ 236590 Sales- Cost of goods Gross probit 492900 - 236590 Gross probit Gross probit 256310 Net Income, Jan 31 Gross protit 256310 selling eng (77390) Admn (40910) Net in come $138010 less enp