Nilk Specialty Products Income Statement For the month ended January 31, 2020 Sales (net) Less costs and expenses: P790,000 Raw materials purchases P254,000 200,000 95,000 70,000 62,000 43,000 30,000 29,000 14,000 6,000 Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense Insurance expense 803,000 (P13,000) Net loss Prior to 2019, the company has been operating with a profit. Mr. Nilk, the owner is suspecting the accuracy of the report. As his friend, you were requested to review the income statement and make the necessary corrections. After examining the manufacturing costs record, you

Generally, the revenue account for a merchandising business is entitled Oa. Gross Sales Ob. Sales Oc. Fees Earned Od. Gross Profit

What costs should be included in the measurement of cost merchandise inventory?

Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or aservice provider. Some items apply to more than one type of organization. Finished goods inventory