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The net sales of Flamingo Mfg

Accounting

The net sales of Flamingo Mfg. Company in 2015 is P5,800,000.

The cost of goods manufactured is P4,800,000. The beginning

inventories of goods in process and finished goods are P820,000

and P650,000, respectively. The ending inventories are: Goods

in process- P750,000; Finished goods- P550,000. The selling

expenses and general and administrative expenses are 5% and

2.5% of cost of sales, respectively.

59.

What is Flamingo’s profit for the year 2015?

a.

P900,000

b.

P457,250

c.

P532,500

d.

P830,000

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