The following information is available for Gonzalez Manufacturing Company for th
ID: 2525964 • Letter: T
Question
The following information is available for Gonzalez Manufacturing Company for the month ending July 31, 2014:
For the month ended July 31, 2014, determine Gonzalez's (a) cost of goods sold, (b) gross profit, and (c) net income.
(a)
Gonzalez Manufacturing Company
Cost of Goods Sold
July 31, 2014
$
$
$
(b)
Gonzalez Manufacturing Company
Gross Profit
July 31, 2014
$
$
(c)
Gonzalez Manufacturing Company
Net Income
July 31, 2014
$
Operating expenses:
$
Total operating expenses
$
Cost of goods manufactured $291,900 Selling expenses 97,510 Administrative expenses 51,550 Sales 621,060 Finished goods inventory, July 1 70,180 Finished goods inventory, July 31 63,970Explanation / Answer
Answers
A
Finished Goods Inventory, Jul 1
$ 70,180.00
B
Cost of Goods manufactured
$ 2,91,900.00
C=A+B
Cost of Goods available for sale
$ 3,62,080.00
D
Finished Goods Inventory, Jul 31
$ 63,970.00
E=C-D
Cost of Goods Sold
$ 2,98,110.00
A
Sales
$ 6,21,060.00
B
Cost of Goods Sold
$ 2,98,110.00
C=A-B
Gross Profits
$ 3,22,950.00
A
Gross Profits
$ 3,22,950.00
Operating expenses:
Selling expenses
$ 97,510.00
Administrative expense
$ 51,550.00
B
Total operating expenses
$ 1,49,060.00
C=A-B
Net Income
$ 1,73,890.00
A
Finished Goods Inventory, Jul 1
$ 70,180.00
B
Cost of Goods manufactured
$ 2,91,900.00
C=A+B
Cost of Goods available for sale
$ 3,62,080.00
D
Finished Goods Inventory, Jul 31
$ 63,970.00
E=C-D
Cost of Goods Sold
$ 2,98,110.00
A
Sales
$ 6,21,060.00
B
Cost of Goods Sold
$ 2,98,110.00
C=A-B
Gross Profits
$ 3,22,950.00
A
Gross Profits
$ 3,22,950.00
Operating expenses:
Selling expenses
$ 97,510.00
Administrative expense
$ 51,550.00
B
Total operating expenses
$ 1,49,060.00
C=A-B
Net Income
$ 1,73,890.00
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