Response to the following problem:
The following information is available for Gonzalez Manufacturing Company for the month ending March 31, 2010:
Cost of goods manufactured .........................$240,000
Selling expenses ........................................ 76,500
Administrative expenses .............................. 40,500
Sales ..................................................... 486,000
Finished goods inventory, March 1 ................. 54,000
Finished goods inventory, March 31 ............... 50,000
For the month ended March 31, 2010, determine Gonzalez's
(a) Cost of goods sold,
(b) Gross profit, and
(c) Net income.