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Show Me How Calculator Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Gonzalez Manufacturing Company for the month ending July 31, 2016: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, July 1 Finished goods inventory, July 31 For the month ended July 31, 2016, determine Gonzalezs (a) cost of goods sold, (b) gross profit, and (c) net income. $256,140 85,560 45,230 544,970 61,580 56,130 く) Gonzalez Manufacturing Company Cost of Goods Sold July 31, 2016 Check My Work
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Naming convention is not provided, can be slightly different: Sign of highlighted amount can be+/- per requirement: Solution: a) Cost of goods sold Finished goods inventory, July.01 Cost of goods manufactured Goods available for sale 61580 256140 317720 56130 261590 Less: Finished goods inventory, July.31 Cost of goods sold b) Gross Profit Sales Less: Cost of goods sold Gross Profit 544970 261590 283380 Net Profit Gross Profit 283380 Less: Operating Expenses: Selling Expense Admin. Expense Total Operating Expenses Net Profit 85560 45230 130790 152590

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