June July August September â€˜7 "High" "m Net sales 12,681 7,374 7,201 7,394 34,650 COGSa 10,850 5,810 5,810 5,810 28,280 Gross profit 1,831 1,564 1,391 1,584 6,370 Operating expenses 750 750 750 750 3,000 Depreciation and amortization â€” 500 Interest expenseb 25 25 37 37 124 Interest incomeC 8 3 11 12 34 Profit (loss) before tax 944 672 485 679 2,780 Income taxesd 321 228 165 231 945 Net income 623 444 320 448 1,835 Dividends 1,200 1,200 Retained Earnings 623 444 320 (752) 635 a: b 6% annualized interest rate charged on outstanding debt. C 2% annualized rate of return on the cash balance. d 34% tax rate.
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How was COGS calculated in the first month of june?
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