Question - The following information is available for Renteria Manufacturing Company for the month ending March 31, 2008:
Cost of goods manufactured $265,000
Selling expenses 85,000
Administrative expenses 45,000
Sales 540,000
Finished goods inventory, March 1 60,000
Finished goods inventory, March 31 55,000
For the month ended March 31, 2008 determine Renteria's:
1. Cost of goods sold
2. Gross profit
3. Net income