[PLEASE HELP ANSWER WITH SOLUTION]

Problem

The following are information from the books of Faith Company:

Selling price per unit	P1
Annual sales for the period (projected and actual 100,000 units @ P1	P100,000
Manufacturing costs
Variable	.10 per unit
Fixed	.20 per unit or P20,000 for the year
Nonmanufacturing costs
Variable	.10 per unit
Fixed	.30 per unit or P30,000 for the year

Sales for four (4) quarters and the year (projected and actual) are:

		Percent of Sales
1st Quarter	P20,000	20%
2nd Quarter	5,000	5%
3rd Quarter	10,000	10%
4th Quarter	65,000	65%
Total	P100,000	100%

REQUIRED:

1. Compute the adjusted net income only for 1st Quarter, 2nd Quarter and 3rd Quarter. Do not compute for the adjusted retained earnings.
2. Present the adjusted net income by using the Independent View and Integral View.

Faith Company The following are information from the books of Faith Company: Selling price per unit P1 Annual sales for the period (projected and actual) 100,000 units @ P1 P100,000 Manufacturing costs Variable 10 per unit Fixed .20 per unit or P20,000 for the year Nonmanufacturing costs Variable 10 per unit Fixed .30 per unit or P30,000 for the year Sales for four (4) quarters and the year (projected and actual) were: Percent of sales 1 st Quarter P20,000 20% 2nd Quarter 5,000 5 3rd Quarter 10,000 10 4th Quarter 65,000 65 Total P100,000 100%INSTRUCTIONS: 1. Compute the adjusted net income only for 1st Quarter, 2nd Quarter and 3rd Quarter. Do not compute for the adjusted retained earnings. 2. Present the adjusted net income by using the Independent View and Integral View