The following accounts are gathered from the records of Mart Company for the year 2022 

Sales	P7.500.000.00
Inventories January 1:
Raw materials	200,000.00
Goods in process	240,000.00
Finished goods	360,000.00
Inventories, December 31:
Raw materials	280,000.00
Goods in process	170,000.00
Finished goods	300,000.00
Purchases	3,000,000.00
Direct labor	950,000.00
Indirect labor	250,000.00
Factory heat light and power	320,000.00
Rent Expense-factory building	120.000.00
Repair and maintenance-machinery	50,000.00
Factory supplies used	110,000.00
Sales salaries	400,000.00
Advertising	160,000.00
Depreciation-store equipment	70,000.00
Office salaries	150,000.00
Depreciation-office equipment	40,000.00
Depreciation-machinery	60,000.00
Sales returns and allowance	50,000.00
Interest income	10,000.00
Delivery expenses	200,000.00
Office expenses	250,000.00
Freight in	125,000.00
Sales discounts	25,000.00
Purchase returns and allowances	35,000.00
Purchase discounts	18,000.00
Interest expense	10,000.00
Indirect materials	180,000.00
Utilities Expense-factory	32,000.00
Utilities Expense-selling	11,000.00
Utilities Expense-administrative	6,500.00

REQUIRED:

1. Statement of Cost of Goods Manufactured and Sold

2. Income Statement

Answer rating: 100% (QA)

To prepare the Statement of Cost of Goods Manufactured and Sold and the Income Statement for Mart Co... View the full answer