**Educational Content for Aricanly Manufacturing Company Financial Analysis** The following details pertain to Aricanly Manufacturing Company for the month ending January 31: - **Cost of goods manufactured:** $3,606,000 - **Selling expenses:** $426,000 - **Administrative expenses:** $273,000 - **Sales:** $5,300,000 - **Finished goods inventory, January 1:** $707,000 - **Finished goods inventory, January 31:** $622,000 ### a. Cost of Goods Sold Calculation **Aricanly Manufacturing Company** **Cost of Goods Sold for January 31** 1. Cost of Goods Manufactured 2. Add: Beginning Finished Goods Inventory (January 1) 3. Less: Ending Finished Goods Inventory (January 31) 4. Cost of Goods Sold (COGS): Final value obtained after calculations. ### b. Gross Profit Calculation **Aricanly Manufacturing Company** **Gross Profit for January 31** 1. Sales Revenue 2. Less: Cost of Goods Sold 3. Gross Profit: Difference after subtracting COGS from Sales. ### c. Net Income Calculation **Aricanly Manufacturing Company** **Net Income for January 31** 1. Gross Profit 2. Less: Total Operating Expenses - Operating expenses include Selling and Administrative expenses. 3. Net Income: Resulting value after subtracting total operating expenses from Gross Profit. The worksheet involves selecting the appropriate values and performing calculations to determine COGS, Gross Profit, and Net Income.
**Educational Content for Aricanly Manufacturing Company Financial Analysis** The following details pertain to Aricanly Manufacturing Company for the month ending January 31: - **Cost of goods manufactured:** $3,606,000 - **Selling expenses:** $426,000 - **Administrative expenses:** $273,000 - **Sales:** $5,300,000 - **Finished goods inventory, January 1:** $707,000 - **Finished goods inventory, January 31:** $622,000 ### a. Cost of Goods Sold Calculation **Aricanly Manufacturing Company** **Cost of Goods Sold for January 31** 1. Cost of Goods Manufactured 2. Add: Beginning Finished Goods Inventory (January 1) 3. Less: Ending Finished Goods Inventory (January 31) 4. Cost of Goods Sold (COGS): Final value obtained after calculations. ### b. Gross Profit Calculation **Aricanly Manufacturing Company** **Gross Profit for January 31** 1. Sales Revenue 2. Less: Cost of Goods Sold 3. Gross Profit: Difference after subtracting COGS from Sales. ### c. Net Income Calculation **Aricanly Manufacturing Company** **Net Income for January 31** 1. Gross Profit 2. Less: Total Operating Expenses - Operating expenses include Selling and Administrative expenses. 3. Net Income: Resulting value after subtracting total operating expenses from Gross Profit. The worksheet involves selecting the appropriate values and performing calculations to determine COGS, Gross Profit, and Net Income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:**Educational Content for Aricanly Manufacturing Company Financial Analysis**
The following details pertain to Aricanly Manufacturing Company for the month ending January 31:
- **Cost of goods manufactured:** $3,606,000
- **Selling expenses:** $426,000
- **Administrative expenses:** $273,000
- **Sales:** $5,300,000
- **Finished goods inventory, January 1:** $707,000
- **Finished goods inventory, January 31:** $622,000
### a. Cost of Goods Sold Calculation
**Aricanly Manufacturing Company**
**Cost of Goods Sold for January 31**
1. Cost of Goods Manufactured
2. Add: Beginning Finished Goods Inventory (January 1)
3. Less: Ending Finished Goods Inventory (January 31)
4. Cost of Goods Sold (COGS): Final value obtained after calculations.
### b. Gross Profit Calculation
**Aricanly Manufacturing Company**
**Gross Profit for January 31**
1. Sales Revenue
2. Less: Cost of Goods Sold
3. Gross Profit: Difference after subtracting COGS from Sales.
### c. Net Income Calculation
**Aricanly Manufacturing Company**
**Net Income for January 31**
1. Gross Profit
2. Less: Total Operating Expenses
- Operating expenses include Selling and Administrative expenses.
3. Net Income: Resulting value after subtracting total operating expenses from Gross Profit.
The worksheet involves selecting the appropriate values and performing calculations to determine COGS, Gross Profit, and Net Income.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education