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Determine Vega cost of goods sold

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Reference no: EM132880490

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 -

1. For the month ended July 31, 2012, determine Vega's (a) cost of goods sold.

2. For the month ended July 31, 2012, determine Vega's (b) gross profit.

3. For the month ended July 31, 2012, determine Vega's (c) net income.

Reference no: EM132880490

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