Using the information below, calculate net income for the period: Sales revenues for the period $ 1,309,000 Operating expenses for the period 244,000 Finished Goods Inventory, January 1 41,000 Finished Goods Inventory, December 31 46,000 Cost of goods manufactured for the period 545,000

Net income for the period is:

= $525,000.

Explanation:

a) Data and Calculations:

Sales revenues for the period                  $ 1,309,000

Operating expenses for the period               244,000

Finished Goods Inventory, January 1                41,000

Cost of goods manufactured for the period   545,00

Finished Goods Inventory, December 31       (46,000)

Cost of goods sold for the period =              540,000

Income Statement for the period:

Sales revenues for the period                  $ 1,309,000

Cost of goods sold for the period =             (540,000)

Gross profit for the period =                        $769,000

Operating expenses for the period             (244,000)

Net income for the period =                       $525,000