Cost of goods sold, profit margin, and net income for a manufacturing company The following…
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Cost of goods sold, profit margin, and net income for a manufacturing company The following information is available for Vega Manufacturing Company for the month ending July 31, 2012:
Cost of goods manufactured
$270,000
Selling expenses
58,000
Administrative expenses
46,000
Sales
515,000
Finished goods inventory, July 1
66,000
Finished goods inventory, July 31
62,000
For the month ended July 31, 2012, determine Vega’s (a) cost of goods sold, (b) gross profit, and (c) net income.
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