Please help me to answer the Req A & C. I need to submit it this afternoon. Thank you so much! Exercise 6-22Profit and loss data for Lota & Romy, Inc. for 2019 and 2020 follow:20192020IncreaseP2,688,000(Decrease)P762,000SalesP3,450,000Cost of Sales1,920,0002,760,000840,000Gross ProfitP768,000P690,000P(78,000)REQUIRED:1. Prepare a statement/summary analyzing the variation in gross profit giving asmuch information as can be determined concerning factors responsible for thechange, under each of the following independent assumptions:a. Total units sold in 2020 are 25% above units sold in 2019.D. Selling prices in 2020 are 20% above the selling prices in 2019.* Cost prices in 2020 are 10% lower than the cost prices in 2019.4. No data are available relative to prices and volume changes.

Solution: A) Sold in 2020 = 2,688,000 + 2,688,000 x 25% = 2,688,000 + 672,000…

Profit and loss data for Lota & Romy, Inc. for 2019 and 2019 2020 Sales P2,688,000 Р3,45 Cost of Sales 1,920,000 2,76 Gross Profit P768,000 P69 REQUIRED: 1. Prepare a statement/summary analyzing the variation in much information as can be determined concerning fact change, under each of the following independent assumptic a. Total units sold in 2020 are 25% above units sold in 201 D. Selling prices in 2020 are 20% above the selling prices * Cost prices in 2020 are 10% lower than the cost prices in d. No data are available relative to prices and volume chan

Profit and loss data for Lota & Romy, Inc. for 2019 and 2019 2020 Sales P2,688,000 Р3,45 Cost of Sales 1,920,000 2,76 Gross Profit P768,000 P69 REQUIRED: 1. Prepare a statement/summary analyzing the variation in much information as can be determined concerning fact change, under each of the following independent assumptic a. Total units sold in 2020 are 25% above units sold in 201 D. Selling prices in 2020 are 20% above the selling prices * Cost prices in 2020 are 10% lower than the cost prices in d. No data are available relative to prices and volume chan

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 11P

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