Pro-forma Income Statement Pro-forma Cost of Goods Sold Schedule

___________ Company COST OF GOODS SOLD SCHEDULE

INCOME STATEMENT
For the year ended December 31, 2017 Beginning raw materials P xxx
Net purchases
Sales P xxx Purchases P xxx
Cost of goods sold xxx Purchase returns and (xx)
Gross profit xxx allowances
Other income xxx Purchase discounts (xx)
Total income P xxx Freight-in xxx xxx
Expenses: Raw materials available for use P xxx
Distribution costs P xxx Ending raw materials (xx)
Administrative expenses xxx Raw materials used P xxx
Other expenses xxx Direct labor xxx
Finance cost xxx (xx) Factory overhead xxx
Income before tax P xxx Total manufacturing cost P xxx
Income tax expense (xx) Beginning goods in process xxx
Net income P xxx Total cost of goods sold in process P xxx
Ending goods in process (xx)
Cost of goods manufactured P xxx
Ending finished goods (xx)
Cost of goods sold P xxx
 A Company COST OF GOODS SOLD SCHEDULE
INCOME STATEMENT
For the year ended December 31, 2017 Beginning raw materials P 25,000
Net purchases
Sales (53,000 units @ P75) P 3,975,000 Purchases P 1,500,000
Cost of goods sold (53,000 units 2,650,000 Purchase returns and (10,000)
@ P50) allowances
Gross profit P 1,325,000 Purchase discounts (15,000)
Other income 10,000 Freight-in 30,000 1,505,000
Total income P 1,335,000 Raw materials available for use P 1,530,000
Expenses: Ending raw materials (30,000)
Distribution costs P 250,000 Raw materials used P 1,500,000
Administrative expenses 900,000 Direct labor 1,000,000
Other expenses 5,000 Factory overhead 500,000
Finance cost 100,000 (1,255,000) Total manufacturing cost P 3,000,000
Income before tax P 80,000 Beginning goods in process 250,000
Income tax expense (24,000) Total cost of goods sold in process P 3,250,000
Net income P 56,000 Ending goods in process (300,000)
Cost of goods manufactured P 2,950,000
Ending finished goods (300,000)
Cost of goods sold P 2,650,000
Names: ____________________________________________________________________________
____________________________________________________________________________

FUNDAMENTALS OF FINANCIAL REPORTING

Income Statement

Directions: The following tables present a business’ Schedule of Cost of Goods Sold and Income Statement.
Supply the figures and/or account titles required as indicated by the underlines. Observe the proper
alignment of digits, use of Peso sign, and single or double ruling.

SCHEDULE OF COST OF GOODS SOLD

Beginning raw materials ₱15,000

Net purchases
Purchases ₱1,255,000
Purchase returns and allowances 90,000
Purchase discounts (2% of purchases) (1) ____________
Freight-in 30,000 (2) _ _ __________
Raw materials available for use (3)_______________
Ending raw materials 212,265
Raw materials used (4)_______________
Direct labor 1,200,000
Factory overhead 600,000
(5) ______________________________ (6)_______________
Beginning goods in process 150,000
Total cost of goods sold in process (7)_______________
Ending goods in process 190,000
(8) ______________________________ (9)_______________
Beginning finished goods 450,000
(10) ______________________________ (11)______________
Ending finished goods 500,000
(12) ______________________________ (13)______________
 (14)____________________________________________
_______________________________________________
_______________________________________________

Sales (60,000 units @ P100) (15) _____________________

(16) _____________________________ (13)_____________________

Gross profit (17)_____________________

Other income 25,000

Total income ₱3,342,365.00

Expenses:

Distribution costs ₱500,000.00

Administrative expenses 1,100,000.00

Other expenses 10,000.00

Finance cost 180,000.00 (18)___________________

Income before tax ₱1,522,365

Income tax expense (30%) (19)___________________

(20) _____________________________ P 1,086,655.50

Name of organization: Bazinga Manufacturing Corporation
Period ended: December 31, 2017