**Cost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company**The following information is available for Aricanly Manufacturing Company for the month ending January 31:- **Cost of goods manufactured:** $277,220- **Selling expenses:** $92,600- **Administrative expenses:** $48,960- **Sales:** $589,840- **Finished goods inventory, January 1:** $66,650- **Finished goods inventory, January 31:** $60,750**a. For the month ended January 31, determine Aricanly’s cost of goods sold.***Aricanly Manufacturing Company***Cost of Goods Sold***January 31*| Description | Amount ($) ||-----------------------------------|------------|| Finished goods inventory, January 1 | || Add: Cost of goods manufactured | || Goods available for sale | || Less: Finished goods inventory, January 31 | || Cost of goods sold | |**b. For the month ended January 31, determine Aricanly’s gross profit.***Aricanly Manufacturing Company***Gross Profit***January 31*| Description | Amount ($) ||-------------|------------|| Sales | || Less: Cost of goods sold | || Gross profit | |**c. For the month ended January 31, determine Aricanly’s net income.***Aricanly Manufacturing Company***Net Income***January 31*| Description | Amount ($) ||----------------------------------|------------|| Gross profit | || Operating expenses: | || Selling expenses | || Administrative expenses | || Total operating expenses | || Net income | |

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Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Aricanly Manufacturing Company for the month ending January 31: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, January 1 Finished goods inventory, January 31 Company Cost of Goods Sold January 31 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Gross Profit January 31 $277,220 92,600 48,960 b. For the month ended January 31, determine Aricanly's gross profit. Aricanly Manufacturing 589,840 66,650 60,750 Operating expenses: c. For the month ended January 31, determine Aricanly's net income. Aricanly Manufacturing Company Net Income January 31 Total operating expenses

Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Aricanly Manufacturing Company for the month ending January 31: Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, January 1 Finished goods inventory, January 31 Company Cost of Goods Sold January 31 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Gross Profit January 31 $277,220 92,600 48,960 b. For the month ended January 31, determine Aricanly's gross profit. Aricanly Manufacturing 589,840 66,650 60,750 Operating expenses: c. For the month ended January 31, determine Aricanly's net income. Aricanly Manufacturing Company Net Income January 31 Total operating expenses

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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