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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