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Cost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company The following information...

Cost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company

The following information is available for Crouching Alligator Manufacturing Company for the month ending October 31, 2016: Cost of goods manufactured $450,000 Selling expenses 144,500 Administrative expenses 75,900 Sales 911,250 Finished goods inventory, October 1 101,250 Finished goods inventory, October 31 93,800

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Answer #1

1. Cost of Goods Sold = $4,57,450

Finished goods inventory, October 1 $1,01,250

Add : Cost of goods manufactured $4,50,000

Cost of finished goods available for sale $5,51,250

Less : Finished goods inventory, October 31       $93,800

Cost of Goods Sold $4,57,450

2. Profit Margin = $4,53,800

Sales $9,11,250

Less : Cost of goods sold $4,57,450

Gross Profit $4,53,800

3.Net Income = $2,33,400

Gross Profit $4,53,800

Operating Expenses

Selling expenses                       $1,44,500

Administrative expenses $75,900 $2,20,400

Net Income $2,33,400

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