Given: The Company showed a net loss of P140,600 with Cost of Goods Sold of P546,900 which is 60% of Sales. Required: What is the total expenses of the company. Select the correct response
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
- Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company? a.$3,100 b.$36,200 c.$(3,100) d.$13,600 e.$(1,600)ABC company recorded a net loss of P215,000 for the year just ended. Total operating expenses was P3,789,000, cost of sales was P1,819,300, and sales discount was P80,890. How much is the gross sales that the company generated during the year?The Lakandula Company's Cost of Goods Manufactured was P240,000. Its total sales amounted to P720,000 and Gross Profit was P440,000. If the ending inventory of Finished Goods was P60,000, how much is beginning inventory of Finished Goods?
- The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to P1, 314,300. What was the cost of goods sold?Happy Company provided the following profit(loss) relating to operatingsegments: A- 2,000,000; B - (3,000,000); C- (500,000); D- 1,000,000.What is the minimum revenue of a reportable segment?Financial information for Sandhill Company is presented below: Operating Expenses $ 59000Net Sales 250000Cost of Goods Sold 137000 The gross profit rate would be 0.216.0.452.0.548.0.784.
- The company reported a net loss of P40,000. Its net sales was P200,000 and gross profit was 40% of net sales. The operating expenses amounted to?How do I find costs of goods sold and operating expenses with the following information? Net Income (Net Loss) 70,000 Sales 890,000 Gross Profit 465,000RJ Garcia Sound had sales of P600,000 and sales returns of P80,000. Cost of goods sold was P320,000 and Operating expenses was P50,000. How much gross profit did RJ Garcia Sound report?
