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Determine the true net income of the branch

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Reference no: EM133230948

PROBLEM 1

The company has the following financial information:

Manufacturing overhead- P30,101,800
Increase in raw materials- P2,430,000
Decrease in work in process- P590,000
Increase in finished goods- P1,320,400

Manufacturing overhead amounts to 50% of direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing.

How much is the cost of goods sold?

A• P181,200,800

B• P179,880,400

C• P180,020,800

D• P177,590,800

PROBLEM 2

Beta Corp. has a branch in Davao City established on May 31, 2022.  During 2022, the home office shipped merchandise costing P110,000 to the branch, billed at 110% of cost. At the end of the year, the branch reported sales of P200,000, operating expenses of P80,000, and a net income from its operation of P10,000.

Determine the true net income of the branch.

Reference no: EM133230948

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