Response to the following problem:
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
(a) Cost of goods sold,
(b) Gross profit, and
(c) Net income.