Gluth Corporation has provided the following data for the month of July. The beginning balance in the finished goods inventory account was $56,000 and the ending balance was $49,000. Sales totalled $290,000. Cost of goods manufactured was $147,000, selling expense was $17,000, and administrative expense was $68,000.
1. The cost of goods sold for July was:
A. $232,000
B. $140,000
C. $154,000
D. $147,000
2. The net operating income for July was:
A. $58,000
B. $143,000
C. $150,000
D. $51,000