Please help me to answer Requirement 1A & 1C only. Thank you! Exercise 6-22Profit and loss data for Lota & Romy, Inc. for 2019 and 2020 follow:20192020IncreaseP2,688,000(Decrease)P762,000SalesP3,450,000Cost of Sales1,920,0002,760,000840,000Gross ProfitP768,000P690,000P(78,000)REQUIRED:1. Prepare a statement/summary analyzing the variation in gross profit giving asmuch information as can be determined concerning factors responsible for thechange, under each of the following independent assumptions:a. Total units sold in 2020 are 25% above units sold in 2019.D. Selling prices in 2020 are 20% above the selling prices in 2019.* Cost prices in 2020 are 10% lower than the cost prices in 2019.4. No data are available relative to prices and volume changes.

Gross profit is the profit earned by the company from their operating activities. All operating or…

Answered: Please help me to answer Requirement 1A…

Business

Accounting

Please help me to answer Requirement 1A & 1C only. Thank you!

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please help me to answer Requirement 1A & 1C only. Thank you!

Exercise 6-22
Profit and loss data for Lota & Romy, Inc. for 2019 and 2020 follow:
2019
2020
Increase
P2,688,000
(Decrease)
P762,000
Sales
P3,450,000
Cost of Sales
1,920,000
2,760,000
840,000
Gross Profit
P768,000
P690,000
P(78,000)
REQUIRED:
1. Prepare a statement/summary analyzing the variation in gross profit giving as
much information as can be determined concerning factors responsible for the
change, under each of the following independent assumptions:
a. Total units sold in 2020 are 25% above units sold in 2019.
D. Selling prices in 2020 are 20% above the selling prices in 2019.
* Cost prices in 2020 are 10% lower than the cost prices in 2019.
4. No data are available relative to prices and volume changes.

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