Fill in the missing data in Alice's Cupcake's Statement of Comprehensive Income using the following ratios:
a. Inventory tumover is 3.50.
Beginning inventory was P4,250 and ending inventory was P4,050.
b. Net profit margin is 11%.
The incomplete Statement of Financial Position of Alice's Cupcakes is given below:
Net Sales
28.800.00
a
Cost of goods sold
Selling and admin expenses
7.320.00
Interest expense
b
Other Expenses
600.00
Income before taxes
5,300.00
Income tax expense
Not Income