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Quiz 2-Part 2
Quiz 2-Part 2
Sales P8,000,000
Sales salaries 520,000
Advertising 120,000
Indirect labor 600,000
Delivery expense 160,000
Freight-in 80,000
Depreciation-machinery 50,000
Factory taxes 130,000
Purchases 1,600,000
Direct labor 1,480,000
Factory supplies expense 120,000
Office supplies expense 30,000
Office salaries 800,000
Factory superintendence 480,000
Doubtful accounts 100,000
Factory maintenance 150,000
Factory heat, light and power 220,000
Income tax expense 170,000
Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal
period were as follows:
Prepare an income statement under functional method for the year ended December 31, 2017 supported
by a schedule of cost of goods manufactured.