What is the total comprehensive income of the agency

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Reference no: EM132754874

Mama Inc. opened a sales agency in Sand Pedro Laguna in 2011. The following is a summary of the transactions of the sales agency.

Sales order sent to home office                  P120,000
Sales order filled by home office in 2011        95,000
Freight on shipment of agency                     2,000
Collection, net of 10% discount                   81,000
Selling expenses paid from the agency working fund 5,500
Administrative expenses charged to agency           5% of gross sales

Samples shipped to agency:

Cost 8,200
Inventory, December 31,2011 4,550

Problem 1: The company's gross profit rate on agency sales is 30% excluding the freight cost on shipments to agency. What is the total comprehensive income of the agency?

Reference no: EM132754874

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