Problem 17: Income Statement MARK Inc. is engaged in the business of manufacturing basket balls. The company employs actual costing system. The company uses a single account for direct and indirect materials. The company provided the following data for the year ended December 31, 2016: Gross sales Sales returns Gross purchases Purchase returns, allowance and discount Freight in Total costs of factory labor Depreciation of factory assets Expired insurance on factory assets Utilities expense on factory Total administrative expenses Total marketing expenses 9,500,000 500,000 1,000,000 200,000 400,000 1,000,000 300,000 100,000 500,000 2,000,000 3,000,000 Inventories are as follows: January 1 100,000 December 31 300,000 200,000 600,000 Raw materials Work in process Finished goods ? 500,000 The following additional data are provided: 1. The net profit ratio of the company before income tax for the year ended December 31, 2016 was 10% of net sales. 2. The direct labor cost for the year was four times the cost of indirect labor. 3. The cost of indirect materials used was P100,000.

Problem 17: Income Statement MARK Inc. is engaged in the business of manufacturing basket balls. The company employs actual costing system. The company uses a single account for direct and indirect materials. The company provided the following data for the year ended December 31, 2016: Gross sales Sales returns Gross purchases Purchase returns, allowance and discount Freight in Total costs of factory labor Depreciation of factory assets Expired insurance on factory assets Utilities expense on factory Total administrative expenses Total marketing expenses 9,500,000 500,000 1,000,000 200,000 400,000 1,000,000 300,000 100,000 500,000 2,000,000 3,000,000 Inventories are as follows: January 1 100,000 December 31 300,000 200,000 600,000 Raw materials Work in process Finished goods ? 500,000 The following additional data are provided: 1. The net profit ratio of the company before income tax for the year ended December 31, 2016 was 10% of net sales. 2. The direct labor cost for the year was four times the cost of indirect labor. 3. The cost of indirect materials used was P100,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

USE MANUAL SOLUTION An equipment has a first cost of ₱200,000 and has a maintenance cost of ₱10,000, 4 years from now and ₱30,000, ten years from now. Find the present worth of the machine. (use i = 16%) A. ₱112,323.42 B. ₱212,323.42 ( Answer ) C. ₱312,323.42 D. ₱412,323.42
Pleace no excel thank you
pm.3 answer must be in proper format or i will give down vote
6
Please do not give solution in image format thanku
h7
Based on the given discussion 2(image) draw the graft. I've also inserted the example graph (image)
19. How much is the total distribution (selling) costs? a. 48,000 b. 56,000 C. 64,000 d. 108,000 20. How much is the total administrative expenses? a. 24,000 b. 132,000 C. 226,000 d. 668,000
Kindly answer the 6 and 7 thank you
> Quint... M 6 D J 3 E5-18 (Algo) Calculating Contribution Margin and Contribution Ratio, Preparing Contribution Margin Income Statement [LO 5-5] bok int 7 rint 0 erences ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A %252F%252Flms.mheducation.com%252Fmgh M 6 M Search results - yaz... M Question Mode: M... C 11 Riverside Incorporated makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold Total costs Variable costs Fixed costs Total costs Cost per unit Variable cost per unit Fixed cost per unit Total cost per unit Unit contribution margin Contribution margin ratio 400 Scenario 1 Raises Sales Price to $470 per Canoe $ 54,000 60,000 $ 114,000 $135.00 150.00 $285.00 600 $ 81,000 60,000 $ 141,000 % Contribution Margin Income Statement $ 135.00 100.00 $ 235.00 Scenario 2 Increase Sales Price and Variable Cost per Unit by 10 Percent Riverside sells its canoes for $370 each. Next year Riverside expects…
Godo
Cubie Corporation has provided the following data concerning its only product: Selling price $ 93 per unit 10,700 units 8,346 units Current sales Break-even sales What is the margin of safety in dollars? Multiple Choice O $776,178 $218,922 $605,419