Mr. John Villamin wanted to sell cupcakes to his friends. He spends Php 22.50 per cupcake with corresponding mark up of 140%. For the month of February 2022, he sold 100 pcs on the 1st 15 days of the month, and 125 pcs on the remaining days of the month. Other expenses are 10% of the total ingredients cost. How much is the income or loss of Mr. Villamin for the month of February 2022 (indicate if income or loss and show your computation)?

Mr. John Villamin wanted to sell cupcakes to his friends. He spends Php 22.50 per cupcake with corresponding mark up of 140%. For the month of February 2022, he sold 100 pcs on the 1st 15 days of the month, and 125 pcs on the remaining days of the month. Other expenses are 10% of the total ingredients cost. How much is the income or loss of Mr. Villamin for the month of February 2022 (indicate if income or loss and show your computation)?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 37P

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