Answer to Question #239584 in Accounting for samantha

Question

2020, first half 2020, first half

Gross purchases P350,000

Purchase returns and discounts 8% of the overall purchases value

Beginning inventory P82,000

Ending inventory 30% higher than the beginning inventory

Net sales P910,000

Distribution expenses 25% of cost of goods sold

Administrative expenses 15% of gross profit

Income tax expense 20% of net income before taxes

Net income ? (1)

Cost of goods sold ? (2)

Gross profit ? (3)

Distribution expenses ? (4)

Income tax expenses ? (5)

Answer 1

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