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White Corporation reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2017 included the following expense and loss accounts:
Accounting and Legal Fees-P120,000; Advertising-P150,000; Freight-Out-P80,000; Interest Expense-P70,000; Loss on Sale of Long-term Investment-P30,000; Officers' Salaries -P225,000; Rent Expense-P220,000; Sales Salaries and Commissions-P140,000.
Problem 1: One-half of the rented premises is occupied by the sales department. What was White's total selling expenses for 2017?
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