11. The following information is available for Bandera Manufacturing Company for the month ending January 31:Cost of goods manufactured$229,440Selling expenses76,640Administrative expenses40,520Sales488,160Finished goods inventory, January 155,160Finished goods inventory, January 3150,280For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income. (b)Bandera Manufacturing CompanyGross ProfitJanuary 31Sales488,160Cost of goods soldGross profit(c)Bandera Manufacturing CompanyNet IncomeJanuary 31Gross profitOperating expenses:Selling expensesAdministrative expensesTotal operating expensesNet income%24%24%24%24 Bandera Manufacturing CompanyCost of Goods SoldJanuary 31Finished goods inventory, January 155,160Cost of goods manufactured229,440Cost of finished goods available for saleLess finished goods inventory, January 3150,280Cost of goods soldFeedbackV Check My Worka. Add the cost of goods manufactured to the beginning finished goods. Su(b)Bandera Manufacturing CompanyGross ProfitJanuary 31Sales488,160Cost of goods soldGross profit%24

Name: 11. The following information is available for Bandera Manufacturing C
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Description: 11. The following information is available for Bandera Manufacturing Company for the month ending January 31:Cost of goods manufactured$229,440Selling expenses76,640Administrative expenses40,520Sales488,160Finished goods inventory, January 155,160Fin

Solution a: Bandera Manufacturing Company Cost of goods sold 31-Jan Particulars Amount…

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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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11. The following information is available for Bandera Manufacturing Company for the month ending January 31:

Cost of goods manufactured	$229,440
Selling expenses	76,640
Administrative expenses	40,520
Sales	488,160
Finished goods inventory, January 1	55,160
Finished goods inventory, January 31	50,280

For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.

(b)
Bandera Manufacturing Company
Gross Profit
January 31
Sales
488,160
Cost of goods sold
Gross profit
(c)
Bandera Manufacturing Company
Net Income
January 31
Gross profit
Operating expenses:
Selling expenses
Administrative expenses
Total operating expenses
Net income
%24
%24
%24
%24

Bandera Manufacturing Company
Cost of Goods Sold
January 31
Finished goods inventory, January 1
55,160
Cost of goods manufactured
229,440
Cost of finished goods available for sale
Less finished goods inventory, January 31
50,280
Cost of goods sold
Feedback
V Check My Work
a. Add the cost of goods manufactured to the beginning finished goods. Su
(b)
Bandera Manufacturing Company
Gross Profit
January 31
Sales
488,160
Cost of goods sold
Gross profit
%24

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