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.