Please check if my total selling and administrative expenses is correct.Put an explanation why is it correct or not. 2. Determine the total selling and odministrative expenses-selling and odministrative expenses sajaries70,000Advertising expenses95,000Depreciotion on sajes equipment43,000utilities expenses(40, of 14,000)5,400Insuronce expenses (30, of 4,000)1800Total selling and odministrative expensesP 215,400 Nilk Specialty ProductsIncome StatementFor the month ended January 31, 2020Sales (net)Less costs and expenses:Raw materials purchasesP790,000P254,000200,00095,00070,00062,00043,00030.000Direct labor costAdvertising expenseSelling and administrative salariesRent on factory facilitiesDepreciation on sales equipmentDepreciation on factory equipmentIndirect labor costUtilities expenseInsurance expense29,00014,0006,000803,000(P13,000)Net lossPrior to 2019, the company has been operating with a profit. Mr. Nilk,the accuracy of the report. As his friend, you were requested to review the income statementand make the necessary corrections. After examining the manufacturing costs record, youhave acquired the following additional data.ownersuspectinga. Inventory balances at the beginning and end of January 2020 were:January 1P20,00014,00030,000January 31P32,00016,00048,000Raw materialsWork in processFinished goodsb. Only 60% of the utilities expense and 70% insurance expense apply to the factory, therests should be charged to the selling and administrative activities.

Selling and admin expenses is an important part or section of income statement of business. It…

Answered: Please check if my total selling and…

Business

Accounting

Please check if my total selling and administrative expenses is correct. Put an explanation why is it correct or not.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
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