The following information is available for Renteria Manufacturing Company for the month ending March 31, 2008:
|
Cost of goods manufactured |
$265,000 |
|
Selling expenses |
85,000 |
|
Administrative expenses |
45,000 |
|
Sales |
540,000 |
|
Finished goods inventory, March 1 |
60,000 |
|
Finished goods inventory, March 31 |
55,000 |
For the month ended March 31, 2008, determine Renteria’s (a) cost of goods sold, (b) gross profit, and (c) net income.