Transcribed Image Text: The OK Company, Inc. opened an agency in Makati in 2001. The following is a summary of the transactions of the agency: Sales orders sent to home office

Excerpt
fund Administrative expenses charged to agency 5% of goss sales Samples spped to agency: Cost 3,600 Inventory, Dec. 31, 2018 1,320 The company maintains its gross margin on agency gross sales at 30% excluding the freight cost on spments to agency. Agency’s net income is?

Transcribed Image Text: The OK Company, Inc. opened an agency in Makati in 2001. The
following is a summary of the transactions of the agency:
Sales orders sent to home office
66,000
Sales orders filed by home office in 2018
55,800
Freight in spment to agency
1,320
Collections, net of 2% discount
47,628
Selling expenses paid from the agency
3,384
working fund
Administrative expenses charged to agency
5% of goss
sales
Samples spped to agency:
Cost
3,600
Inventory, Dec. 31, 2018
1,320
The company maintains its gross margin on agency gross sales at 30%
excluding the freight cost on spments to agency.
Agency’s net income is?

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