PROBLEM No. 2. The following information were taken from the records of Galaxy Company.

Net sales	P1,234,500	P1,473,600
Cost of goods sold:
Merchandise inventory, Jan. 1	P 300,000	P 300,000
Purchases	920,000	1,135,000
Goods available for sale	P1,220,000	P1,435,000
Merchandise inventory, Dec. 31	280,000	372,600
Cost of sales	P 940,000	P1,062,400
Gross profit on sales	P 294,500	P 411,200
Selling expenses	( 142,500)	( 197,200)
General and administrative expenses	( 53,000)	( 72,000)

Net income to date

P 99,000

P 142,000

Question 6

How much is the Net Sales for October?

Question 7

How much is the Cost of Goods Sold for October?

Question 8

How much is the selling expense for October?

Question 9

How much is the general and administrative expense for October?

Question 10

How much is the Net Income (Loss) for October?