The following information is available for Vega Manufacturing Company for the monthe 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.