he following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000 Sales returns 55,000 Inventories, January 1: Raw materials 131,000 Work in process 238,350 Finished goods 442,000 Inventories, December 31: Raw materials 145,500 Work in process 175,720 Finished goods 412,000 Direct labor 1,050,300 Purchases 2,051,500 Purchase returns 17,150 Purchase discounts 12,550 Freight in 8,250 Freight out 200,000 Sales salaries 445,000 Office salaries 155,000 Depreciation - factory building 44,000 Depreciation - office equipment 44,000 Depreciation - store equipment 77,000 Depreciation - machinery and equipment 25,500 Amortization - patents 33,000 Bad debts expense 20,000 Factory supplies expense 75,550 Indirect labor 35,300 Interest income 116,240 Factory light and power 65,000 Property taxes and insurance - factory building 13,200 Royalties on production 13,200 Supervision expense 65,000 Tools expense 10,500 Miscellaneous factory expense 50,150 Income tax expense 336,408 Dividends paid 70,000 Required: Prepare a statement of profit or loss in accordance with PAS 1.
Sales P5,590,000
Sales returns 55,000
Inventories, January 1:
Raw materials 131,000
Work in process 238,350
Finished goods 442,000
Inventories, December 31:
Raw materials 145,500
Work in process 175,720
Finished goods 412,000
Direct labor 1,050,300
Purchases 2,051,500
Purchase returns 17,150
Purchase discounts 12,550
Freight in 8,250
Freight out 200,000
Sales salaries 445,000
Office salaries 155,000
Depreciation - factory building 44,000
Depreciation - office equipment 44,000
Depreciation - store equipment 77,000
Depreciation - machinery and equipment 25,500
Amortization - patents 33,000
Bad debts expense 20,000
Factory supplies expense 75,550
Indirect labor 35,300
Interest income 116,240
Factory light and power 65,000
Property taxes and insurance
- factory building 13,200
Royalties on production 13,200
Supervision expense 65,000
Tools expense 10,500
Miscellaneous factory expense 50,150 Income tax expense 336,408 Dividends paid 70,000
Required:
Prepare a statement of profit or loss in accordance with PAS 1.
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