Cost of goods sold, profit margin, and net income for a manufacturingcompany The following information is available for Bandera ManufacturingCompany for the month ending January 31: cost of goods manufactured $4,490,000 Selling expenses 530,000 Administrative expenses 340,000 Sales 6,600,000 Finished goods inventory, January 1 880,000 Finished goods inventory, January 31 7750,000 For the month ended January 31, determine Bandera's (a) cost of goodssold, (b) gross profit, and (c) net income.
Cost of goods sold, profit margin, and net income for a manufacturingcompany The following information is available for Bandera ManufacturingCompany for the month ending January 31: cost of goods manufactured $4,490,000 Selling expenses 530,000 Administrative expenses 340,000 Sales 6,600,000 Finished goods inventory, January 1 880,000 Finished goods inventory, January 31 7750,000 For the month ended January 31, determine Bandera's (a) cost of goodssold, (b) gross profit, and (c) net income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | $4,490,000 |
| Selling expenses | 530,000 |
| Administrative expenses | 340,000 |
| Sales | 6,600,000 |
| Finished goods inventory, January 1 | 880,000 |
| Finished goods inventory, January 31 | 7750,000 |
For the month ended January 31, determine Bandera's (a) cost of goods
sold, (b) gross profit, and (c) net income.
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