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Week Ended August 31, 2018: Income Statement

For the week ended August 31, 2018: - Net sales were ₱460 with a gross profit of ₱98.15 after deducting cost of goods sold of ₱361.85 and operating expenses of ₱20, resulting in a net income of ₱78.15. - Raw materials purchased totaled ₱361.85 and 230 pieces of munchkins were sold for ₱460. - Cost of goods manufactured was ₱381.85. For the week ended September 4, 2018: - Net sales were ₱500 with a gross profit of ₱185.4 after deducting cost of goods sold

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57 views6 pages

Week Ended August 31, 2018: Income Statement

For the week ended August 31, 2018: - Net sales were ₱460 with a gross profit of ₱98.15 after deducting cost of goods sold of ₱361.85 and operating expenses of ₱20, resulting in a net income of ₱78.15. - Raw materials purchased totaled ₱361.85 and 230 pieces of munchkins were sold for ₱460. - Cost of goods manufactured was ₱381.85. For the week ended September 4, 2018: - Net sales were ₱500 with a gross profit of ₱185.4 after deducting cost of goods sold

Uploaded by

hazel llanto
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Income Statement

Week Ended August 31, 2018

Net Sales:
Sales ₱460
Less: Cost of Goods Sold
Finished Goods Inventory 0.00
Add: Cost of Goods Manufactured 361.85
Goods Available for Sale ₱361.85
Less: Finished Goods Inventory 0.00
₱361.85 ₱361.85
Gross Profit ₱98.15

Less: Operating Expense 20.00 20.00


Net Income ₱78.15

List of Purchased
As of August 31, 2018

Item/ Description Quantity Amount


Jersey Condense 2pcs. 57.5
Ideal Dessicated Coconut 1pc. 47.25
Nips Porta Pack 1pack 28.65
Reb Barnuts 1bag 17.45
Reb Ace Choco Munch 2bags 91
Mango 2kls 120
₱361.85

List of Sales
As of August 31, 2018

No. Of Pieces Sold Amount


Munchkins/pc. @2.00 230 ₱460

Income Statement
Week Ended September 4, 2018

Net Sales:
Sales ₱500
Less: Cost of Goods Sold
Finished Goods Inventory 0.00
Add: Cost of Goods Manufactured 314.6
Goods Available for Sale ₱314.6
Less: Finished Goods Inventory 0.00
₱314.6 ₱314.6
Gross Profit ₱185.4

Less: Operating Expense 20.00 20.00


Net Income ₱165.4
List of Purchased
As of September 4, 2018

Item/ Description Quantity Amount


Jersey Condense 2pcs. 57.5
Nips Porta Pack 1pack 28.65
Reb Barnuts 1bag 17.45
Reb Ace Choco Munch 2bags 91
Mango 2kls 120
₱314.6

List of Sales
As of September 4, 2018

No. Of Pieces Sold Amount


Munchkins/pc. @2.00 250 ₱500

MUNCHKINS
1st PRODUCTION
Statement of Cost of Good Manufactured
For the Week Ended August 31, 2018
Direct Materials Used:
Raw Materials Inventory, beg 0.00
Add: Net Cost of Purchases
Purchases - Raw Materials ₱361.85
Total ₱361.85
Less: Materials Inventory, end 0.00

Manufacturing Overhead
Indirect Labor 0.00
Direct Labor 20.00
₱20 ₱20.00
Total Manufacturing Cost ₱381.85
Add: Work in Process, beg 0.00
Total Cost fo Goods Placed in Process ₱381.85
Less: Work in Process, end 0.00
Cost of Goods Manufactured ₱381.85

Statement of Cost of Good Sold


Week Ended August 31, 2018

Finished Goods Inventory, beg 0.00


Add: Cost of Goods Manufactured ₱381.85
Goods Available for Sale ₱381.85
Less: Finished Goods Inventory, end 0.00
Cost of Goods Sold ₱381.85

MUNCHKINS
1st PRODUCTION
Statement of Cost of Good Manufactured
For the Week Ended August 31, 2018

Direct Materials Used:


Raw Materials Inventory, beg 0.00
Add: Net Cost of Purchases
Purchases - Raw Materials ₱314.6
Total ₱314.6
Less: Materials Inventory, end 0.00

Manufacturing Overhead
Indirect Labor 0.00
Direct Labor 20.00
₱20 ₱20.00
Total Manufacturing Cost ₱334.6
Add: Work in Process, beg 0.00
Total Cost fo Goods Placed in Process ₱334.6
Less: Work in Process, end 0.00
Cost of Goods Manufactured ₱334.6

Statement of Cost of Good Sold


Week Ended August 31, 2018

Finished Goods Inventory, beg 0.00


Add: Cost of Goods Manufactured ₱334.6
Goods Available for Sale ₱334.6
Less: Finished Goods Inventory, end 0.00
Cost of Goods Sold ₱334.6

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