The Luminous Glass is engaged in cleaning glass walls and windows of high rise buildings in Makati.  The company incurs service overhead of P200,000 per month.  Luminous Glass has 50 workers who work 200 hours each per month.  In addition, they spend P180,000 on gasoline for their trucks.  Advertising and other marketing expenses amount to P115,000.  Administrative costs are P150,000 per month.  The workers are paid P150 per hour.  Revenues for the month amounted to P4,450,000.  All purchases, labor costs and revenues are on cash basis.  How much will be amount of net income to be presented in Luminous Glass' statement of comprehensive income for the month of January 2020?

 

The following transactions take place during January, 2020:

1.  Purchased direct materials amounting to P325,000.

2.  Incurred and paid labor costs - direct labor costs of P1,500,000 and supervisory labor of P50,000.

3.  Incurred and paid other services overhead costs of P200,000.

4.  Paid P180,000 for the gasoline for the trucks.

5. Paid P115,000 for the advertising and other marketing expenses.

6.  Paid P150,000 administrative expenses.

7. All jobs amounting to P4,450,000 were completed and collected.

The Luminous Glass is engaged in cleaning glass walls and windows of high rise buildings in Makati.  The company incurs service overhead of P200,000 per month.  Luminous Glass has 50 workers who work 200 hours each per month.  In addition, they spend P180,000 on gasoline for their trucks.  Advertising and other marketing expenses amount to P115,000.  Administrative costs are P150,000 per month.  The workers are paid P150 per hour.  Revenues for the month amounted to P4,450,000.  All purchases, labor costs and revenues are on cash basis.  How much will be amount of net income to be presented in Luminous Glass' statement of comprehensive income for the month of January 2020?