hi! i'm having some problems w/my homework. this is my last trimester and i wanna make sure to pass my subject.
Pena manufacturing company presented the following data:
1. cost of goods manufactured and cost of goods sold were P373,000 and P300,000 respectively
2. Purchases of raw materials amounted twice as much as net income before taxes
3.Gross margin based on sales was 40% there were no purchase returns but sales returns amounted to P10,000
4.Inventory valuation were as follows:
a. Raw materials - on hand at end perod was one (1/3)as much as at start
b. work in process - no beginning inventory, but P25,000 was on hand at end of period
c. finished goods - end of period was four times as large as at start
5. breakdown of cost incurred in manufacturin was as follows:
raw materials - 50%
direct labor - 30%
maunfactring overhead - 20%
6. selling expense amounted to four times as much as general expenses
7. net income after taxes amounted to P52,000. income tax rate is 35%
required
repare the following:
1.costof goods manufactured statement
2. income statement
Linear Mode
