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The following information is available for Gonzalez Manufacturing Company for the month ending March 31, 2010:
Cost of goods manufactured .........................$240,000Selling expenses ........................................ 76,500Administrative expenses .............................. 40,500Sales ..................................................... 486,000Finished goods inventory, March 1 ................. 54,000Finished goods inventory, March 31 ............... 50,000
For the month ended March 31, 2010, determine Gonzalez's
(a) Cost of goods sold,
(b) Gross profit, and
(c) Net income.
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