ASSIGNMENT #1 PROBLEM 1 For 1,000 per box, the Starbacks Coffee producers, Inc, produces and sell coffee beans. Direct materials are P400 per box, and direct manufacturing labor averages P75 per box. Variable Overhead is P25 per box and fixed overhead is 12,500,000 per year. Fixed admin expenses run P4,500,00 per year with sales commissions of P100 per box. Production is expected to be 100,000 boxes which is met every year. For the year just ended, 75,000 boxes were sold. Required: Make the following schedules, using the three income statement approaches: 1. Schedule of Cost of Goods Manufactured 2. Schedule of Cost of Goods Sold 3. Income Statement INSTRUCTIONS: 1. Submit your answers in an excel file. 2. Send it thru your LMS.