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Gawagawa Din Company COGS Statement

The document contains income statements for two companies - Gawagawa Din Company and Benta PaMore Company - for the year ended December 31, 20XX. Gawagawa Din Company reported net income of ₱1,419,528, with gross profit of ₱1,841,600 less total operating expenses of ₱228,500. Benta PaMore Company reported net income of ₱355,680.90, with gross profit of ₱475,716 less total operating expenses of ₱79,284 and provision for income tax of ₱39,520.10.

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Josh Alvarez
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72 views5 pages

Gawagawa Din Company COGS Statement

The document contains income statements for two companies - Gawagawa Din Company and Benta PaMore Company - for the year ended December 31, 20XX. Gawagawa Din Company reported net income of ₱1,419,528, with gross profit of ₱1,841,600 less total operating expenses of ₱228,500. Benta PaMore Company reported net income of ₱355,680.90, with gross profit of ₱475,716 less total operating expenses of ₱79,284 and provision for income tax of ₱39,520.10.

Uploaded by

Josh Alvarez
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
Download as xlsx, pdf, or txt
Download as xlsx, pdf, or txt
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Gawagawa Din Company

COGS statement

Materials Inventory, Jan 1 ₱ 17,500


Materials Purchased ₱ 142,600
Materials available for use -₱ 125,100
Materials Inventory, Dec 31 -₱ 20,400
Raw Materials used -₱ 145,500
Direct Labor ₱ 199,000
Prime Cost ₱ 53,500
FOH:
Indirect Labor ₱ 46,400
Depreciation expense ₱ 31,000 ₱ 77,400
Total FOH ₱ 130,900
Work In process opening ₱ 21,200
Cost of goods to be manufactured ₱ 152,100
Work In process ending -₱ 23,500
₱ 128,600
Finished Goods, Jan 1 ₱ 70,000
Cost of goods available to sales ₱ 198,600
Finished goods, Dec 31 -₱ 76,500
COGS ₱ 122,100

Income Statement
Net Sales:
Sales ₱ 1,748,000
Sales Discount -₱ 28,500
COGS ₱ 122,100
Gross Profit ₱ 1,841,600

Less: Operating Expenses


Power ₱ 25,200
Small tools expense ₱ 2,700
Factory Inusrance expense ₱ 1,600
Supervision expense ₱ 37,900
Salaries and Commissions ₱ 46,500
Advertising ₱ 19,500
Administrative Salaries ₱ 65,000
Other Factory costs ₱ 11,400
Other Selling Expense ₱ 7,400
Other G and A Expenses ₱ 11,300
Total Operating Expenses -₱ 228,500

Operating Income
Interest Expense -₱ 4,600.00
Income before tax ₱ 1,613,100.00
Provision for Income Tax -₱ 193,572.00
Net Income ₱ 1,419,528.00
Gawagawa Din Company
Income Statement
For the year ended of Dec. 31, 20XX

Net Sales:
Sales ₱ 1,748,000.00
Sales Discount -₱ 28,500.00
COGS ₱ 122,100.00
Gross Profit ₱ 1,841,600.00

Less: Operating Expenses


Power ₱ 25,200.00
Small tools expense ₱ 2,700.00
Factory Inusrance expense ₱ 1,600.00
Supervision expense ₱ 37,900.00
Salaries and Commissions ₱ 46,500.00
Advertising ₱ 19,500.00
Administrative Salaries ₱ 65,000.00
Other Factory costs ₱ 11,400.00
Other Selling Expense ₱ 7,400.00
Other G and A Expenses ₱ 11,300.00
Total Operating Expenses -₱ 228,500.00

Operating Income
Interest Expense -₱ 4,600.00
Income before tax ₱ 1,613,100.00
Provision for Income Tax -₱ 193,572.00
Net Income ₱ 1,419,528.00
COGS
Benta pa more company

Merchandising Inventory, Jan 1 ₱ 64,800.00


Purchases ₱ 168,624.00
Overhead:
Dep Expense, delivery truck ₱ 2,600.00
Dep, Expense, Office equipment ₱ 2,200.00
Total Overhead ₱ 4,800.00
Freight In ₱ 8,236.00
Cost of Goods Available for Sales ₱ 246,460.00
Less: Merchandising Inventory, Dec 31 -₱ 60,400.00
Cost of Good Sold ₱ 186,060.00

Income Statement
Net Sales:
Sales ₱ 299,156.00
Sales Returns and Allowances -₱ 6,300.00
Sales Discounts -₱ 3,200.00
COGS ₱ 186,060.00
Gross Profit ₱ 475,716.00

Operating Expenses:
Advertising Expense ₱ 10,000.00
Freight Out Expense ₱ 5,740.00
Insurance Expense, general ₱ 4,200.00
Insurance Expense, selling ₱ 1,600.00
Office Salaries Expense ₱ 26,900.00
Office Supplies Expense ₱ 1,204.00
Rent Expense, Store Fixtures ₱ 5,600.00
Sale Salaries Expense ₱ 22,500.00
Store Supplies Expense ₱ 1,540.00
Total Operating Expense -₱ 79,284.00

Operating Income
Interest Earned ₱ 1,400.00
Interest Expense -₱ 2,631.00
Income Before Tax ₱ 395,201.00
Provision for Income Taxes -₱ 39,520.10
Net Income ₱ 355,680.90
Benta PaMore Company
Income Statement
For year ended of December 31, 20XX

Net Sales:
Sales ₱ 299,156.00
Sales Returns and Allowances -₱ 6,300.00
Sales Discounts -₱ 3,200.00
COGS ₱ 186,060.00
Gross Profit ₱ 475,716.00

Less: Operating Expenses:


Advertising Expense ₱ 10,000.00
Freight Out Expense ₱ 5,740.00
Insurance Expense, general ₱ 4,200.00
Insurance Expense, selling ₱ 1,600.00
Office Salaries Expense ₱ 26,900.00
Office Supplies Expense ₱ 1,204.00
Rent Expense, Store Fixtures ₱ 5,600.00
Sale Salaries Expense ₱ 22,500.00
Store Supplies Expense ₱ 1,540.00
Total Operating Expense -₱ 79,284.00

Operating Income
Interest Earned ₱ 1,400.00
Interest Expense -₱ 2,631.00
Income Before Tax ₱ 395,201.00
Provision for Income Taxes (385,201*10%) -₱ 39,520.10
Net Income ₱ 355,680.90

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