Problem 5The accounting department of the Blanche Corporation provided thefollowing data for March, 2011.SalesP1,200,000Marketing ExpensesAdministrative Expenses5% of Sales1% of SalesP400,000 to2/3 of DL costsa P210,000March 1viP100,000102,35050,000itec 47,485PurchasesFactory OverheadoDirect Laborslin March 31P82,500117,135Inventories:Finished goodsWork in ProcessMaterialsRequired:1. Income Statement2. Cost of Goods sold Statementto

Name: Problem 5The accounting department of the Blanche Corporation provide
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Description: Problem 5The accounting department of the Blanche Corporation provided thefollowing data for March, 2011.SalesP1,200,000Marketing ExpensesAdministrative Expenses5% of Sales1% of SalesP400,000 to2/3 of DL costsa P210,000March 1viP100,000102,35050,000

Calculation of income statement is as follows: Resultant table:

Business

Accounting

Problem 5 The accounting department of the Blanche Corporation provided the following data for March, 2011. P1,200,000 5% of Sales Sales Marketing Expenses Administrative Expenses Purchases 1% of Sales 1.2 nP400,000 Factory Overhead Direct Labor 2/3 of DL costs golsd an P210,000 March 1 Inventories: March 31 P100,000 102,350 P82,500 117,135 Finished goods Work in Process Materials 50,000tec 47,485 Required: 1. Income Statement 2. Cost of Goods sold Statement

Problem 5 The accounting department of the Blanche Corporation provided the following data for March, 2011. P1,200,000 5% of Sales Sales Marketing Expenses Administrative Expenses Purchases 1% of Sales 1.2 nP400,000 Factory Overhead Direct Labor 2/3 of DL costs golsd an P210,000 March 1 Inventories: March 31 P100,000 102,350 P82,500 117,135 Finished goods Work in Process Materials 50,000tec 47,485 Required: 1. Income Statement 2. Cost of Goods sold Statement

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Problem 5
The accounting department of the Blanche Corporation provided the
following data for March, 2011.
Sales
P1,200,000
Marketing Expenses
Administrative Expenses
5% of Sales
1% of Sales
P400,000 to
2/3 of DL costs
a P210,000
March 1vi
P100,000
102,350
50,000itec 47,485
Purchases
Factory Overheado
Direct Labor
slin March 31
P82,500
117,135
Inventories:
Finished goods
Work in Process
Materials
Required:
1. Income Statement
2. Cost of Goods sold Statement
to

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