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

Cost of goods manufactured…………………………...$258,290

Selling expenses…………………………………………..86,280

Administrative expenses………………………………….45,610

Sales……………………………………………………..549,560

Finished goods inventory, January 1……………………..62,100

Finished goods inventory, January 31……………………56,600

a. For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold.
Bandera Manufacturing Company

Cost of Goods Sold

January 31

Finished goods inventory, January 1

Cost of goods manufactured

Cost of finished goods available for sale

Finished goods inventory, January 31

Cost of goods sold

b. For the month ended January 31, determine Bandera Manufacturing’s gross profit.

Bandera Manufacturing Company

Gross Profit

January 31

Sales
Cost of goods sold

Gross profit

c. For the month ended January 31, determine Bandera Manufacturing’s net income.
Bandera Manufacturing Company

Net Income

January 31

Gross profit

Operating expenses:

Selling expenses

Administrative expenses

Total operating expenses

Net income

Answer rating: 100% (QA)

a Cost of goods sold Finished goods inventory Jan 1 62100 cost of goods manufactured 2... View the full answer