a. Determine the total inventory of the branch on January 1 and December 31, at cost.b. Determine the cost of sales of the branch at cost.c. Determine the true net income of the branch.d. Determine the consolidated net income. The Dame Company operates a branch in Cebu City. Operating data for thehome office and branch for 2019 follows:SalesPurchases from outsidersShipments to branch onExpensesInventory, January 1, 2019:Acquired from outsidersFrom home officeInventory, December 31, 2019:Acquired from outsidersFrom home officeHome OfficeP300,00008210,00030,00060,00080,000BranchP78,50020,00040,00012,5007,50024,50055,000 5,50026,000Required:1. Determine the total inventory of the branch on Jan. 1 and Dec. 31, at cost.2. Determine the cost of sales of the branch at cost.Determine the true net income of the branch.Determine the consolidated net income.3.4.

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The Dame Company operates a branch in Cebu City. Operating data for the home office and branch for 2019 follows: Sales Purchases from outsiders Shipments to branch Home Office P300,000 0000210,000 30,000 Branch P78,500 20,000 40,000

The Dame Company operates a branch in Cebu City. Operating data for the home office and branch for 2019 follows: Sales Purchases from outsiders Shipments to branch Home Office P300,000 0000210,000 30,000 Branch P78,500 20,000 40,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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