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What is the amount of sale for the year

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Reference no: EM132856871

Fisher Company reported the operating expenses other than interest expense for the year amount to 40% of cost of goods sold but only 20% of sales. Interest expense is 5% of sales.

  • The amount of purchases is 120% of cost of goods sold. Ending inventories is twice as much as the beginning inventory. The net income for the year is P 560,000. The income tax rate is 30%.

Problem 1: What is the amount of sale for the year?

a. P 2,080,000

b. P 2,285,000

c. 1,485,000

d. P 3,200,000

Reference no: EM132856871

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