Determine Vega cost of goods sold

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Problem - 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

Required - For the month ended July 31, 2012, determine Vega's (a) cost of goods sold (b) gross profit (c) net income.

Reference no: EM132629473

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