Cute Company operates a branch in Baguio City. Selected balances taken from the books of Home Office and Branch as of December 31, 2021 are as follows (see image below). The branch ending inventory included items costing P8,700 that were acquired from outside suppliers. 1. How much is the Inventory on January 1 of the Branch that came from the Home Office? 2. How much is the Cost of Sales of the Branch at cost? 3. How much is the Consolidated Net Income? 4. How much is the Consolidated Inventory at December 31, 2021?

Cute Company operates a branch in Baguio City. Selected balances taken from the books of Home Office and Branch as of December 31, 2021 are as follows (see image below). The branch ending inventory included items costing P8,700 that were acquired from outside suppliers. 1. How much is the Inventory on January 1 of the Branch that came from the Home Office? 2. How much is the Cost of Sales of the Branch at cost? 3. How much is the Consolidated Net Income? 4. How much is the Consolidated Inventory at December 31, 2021?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 98.3C

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