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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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.
Topic Video
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f70c3c5-27c8-444d-b3ba-63075c0b1997%2Fbf95d721-ec10-4e2c-9931-41fbbb89308a%2Fh063l9_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education