Nilk Specialty Products Income Statement For the month ended January 31, 2020 Sales (net) Less costs and expenses: Raw materials purchases P790,000 P254,000 200,000 95,000 70,000 62,000 43,000 30.000...

Required:

1. Determine the total selling and administrative expenses.

Extracted text: Nilk Specialty Products Income Statement For the month ended January 31, 2020 Sales (net) Less costs and expenses: Raw materials purchases P790,000 P254,000 200,000 95,000 70,000 62,000 43,000 30.000 Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense Insurance expense 29,000 14,000 6,000 803,000 (P13,000) Net loss Prior to 2019, the company has been operating with a profit. Mr. Nilk, the accuracy of the report. As his friend, you were requested to review the income statement and make the necessary corrections. After examining the manufacturing costs record, you have acquired the following additional data. owner suspecting a. Inventory balances at the beginning and end of January 2020 were: January 1 P20,000 14,000 30,000 January 31 P32,000 16,000 48,000 Raw materials Work in process Finished goods b. Only 60% of the utilities expense and 70% insurance expense apply to the factory, the rests should be charged to the selling and administrative activities.