Pemcon Industries Ltd. Sumits the following data for October. The marketing department provided the following sales estimates for the month of…
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Pemcon Industries Ltd. Sumits the following data for October.
The marketing department provided the following sales estimates for the month of November and December.
Description November December
Commercial sales Rs. 250,000 Rs. 300,000
Government sales Rs. 100,000 Rs. 115,000
Other relevant information pertains to following data:
- Cost of goods sold: 46% of total sales
- Advertisement expenditure: 4,000 each month.
- Selling expenses: 10% of total sales.
- Administrative expenses 16.8% of gross profit.
- General office expense 12% of gross profit
- Other income Rs. 8,000 per month
- Corporate income tax rate: 40%
Required:
A forecast income statement with schedule showing cost of goods manufactured and sold.
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