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Compute the realized gross profit

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Question - Oro Company began operations on January 1, 2012 and appropriately uses the installment sales method of accounting. The following data are available for 2012 and 2013:

2012 2013

Installment sales P1,500,000 P1,800,000

Gross profit on sales 30% 40%

Cash collections from:

2012 sales 500,000 600,000

2013 sales - 700,000

Required - Compute the realized gross profit for 2013?

a. P720,000

b. 520,000

c. 460,000

d. 280,000

Reference no: EM132564508

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