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.