Homework Help is Here – Start Your Trial Now!
Business
Accounting
The accounting department of the Blanche Corporation provided the following data for March, 2014 Sales P 1,200,000 5% of sales Marketing expenses Administrative expenses 1% of sales P 400,000 2/3 of DL costs Purchases Factory overhead Direct labor Inventories: Finished goods Work in process Materials P 210,000 March 31 P 82,500 117,135 47,485 March 1 P 100,000 102,350 50,000 Required: In a separate sheet of paper or in a an excel file, prepare the following: (1) Income statement (2) Cost of goods sold statement.

The accounting department of the Blanche Corporation provided the following data for March, 2014 Sales P 1,200,000 5% of sales Marketing expenses Administrative expenses 1% of sales P 400,000 2/3 of DL costs Purchases Factory overhead Direct labor Inventories: Finished goods Work in process Materials P 210,000 March 31 P 82,500 117,135 47,485 March 1 P 100,000 102,350 50,000 Required: In a separate sheet of paper or in a an excel file, prepare the following: (1) Income statement (2) Cost of goods sold statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
The accounting department of the Blanche Corporation provided the following.data for March, 2014 Sales P 1,200,000 5% of sales Marketing expenses Administrative expenses Purchases 1% of sales P 400,000 2/3 of DL costs Factory overhead Direct labor Inventories: Finished goods Work in process March 1 P 100,000 102,350 50,000 P 210,000 March 31 P 82,500 117,135 47,485 Materials Required: In a separate sheet of paper or in a an excel file, prepare the following: (1) Income statement (2) Cost of goods sold statement.
Transcribed Image Text:The accounting department of the Blanche Corporation provided the following.data for March, 2014 Sales P 1,200,000 5% of sales Marketing expenses Administrative expenses Purchases 1% of sales P 400,000 2/3 of DL costs Factory overhead Direct labor Inventories: Finished goods Work in process March 1 P 100,000 102,350 50,000 P 210,000 March 31 P 82,500 117,135 47,485 Materials Required: In a separate sheet of paper or in a an excel file, prepare the following: (1) Income statement (2) Cost of goods sold statement.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS