Problem 4
Uploaded by
Ayra PelenioProblem 4
Uploaded by
Ayra PelenioProblem 4
The accounting department of the Blanche Corporation provided the following data for
March, 2011.
Sales P1,200,000
Marketing Expenses 5% of Sales
Administrative Expenses 1% of Sales
Purchases P400,000
Factory Overhead 2/3 of DL costs
Direct Labor P210,000
Inventories: March 1 March 31
Finished goods P100,000 P82,500
m
Work in Process 102,350 117,135
er as
Materials 50,000 47,485
co
eH w
o.
rs e
Required:
ou urc
1. Income Statement
Blanche Corporation
o
Income Statement
aC s
vi re
For the month ended March 31, 2020
y
ed d
Sales P1, 200, 000
ar stu
Cost of Goods Sold ( 755, 230)
Gross Profit 444,770
is
Operating Expenses:
Th
Marketing Expense (60, 000)
Administrative Expense (12, 000)
sh
NET INCOME P372, 770
This study source was downloaded by 100000806457685 from CourseHero.com on 10-11-2021 08:37:57 GMT -05:00
https://www.coursehero.com/file/68040129/PROBLEM-4docx/
2. Cost of Goods sold Statement
Blanche Corporation
Cost of Goods Manufactured Statement
For the month ended March 21, 2020
Direct Raw Materials Used
Mar 1, Raw Materials P50, 000
Purchases 400, 000
Direct Raw Materials Available for Use 450, 000
Mar 31, Raw Materials (47, 485) 402, 515
Direct Labor 210, 000
Factory Overhead 140, 000
m
Total Manufacturing Cost 752, 515
er as
co
Work in Progress, Beg. eH w 102, 350
Cost of Goods Put into Production 854, 865
o.
rs e
Work in Progress, End (117, 135)
ou urc
COST OF GOODS MANUFACTURED P737, 730
o
Blanche Corporation
aC s
vi re
Cost of Goods Sold Statement
For the month ended March 31, 2020
y
ed d
ar stu
Cost of Goods Manufactured P737, 730
Finished Goods Inventory, Beg. 100, 000
is
Cost of Goods Available For Sale 837, 730
Th
Finished Goods Inventor, End (82, 500)
COST OF GOODS SOLD P755, 230
sh
This study source was downloaded by 100000806457685 from CourseHero.com on 10-11-2021 08:37:57 GMT -05:00
https://www.coursehero.com/file/68040129/PROBLEM-4docx/
