The home office sells merchandise to its branch at 120% of cost. The branch was established several years ago with the policy that all its merchandise would be acquired from the home office. The following information is available from the records of the home office and the branch: Allowance for overvaluation in branch inventory, P103,500; branch beginning inventory, P81,000; branch ending inventory, P135,000. How much is the shipment recorded in the home office book for the current period?
The home office sells merchandise to its branch at 120% of cost. The branch was established several years ago with the policy that all its merchandise would be acquired from the home office. The following information is available from the records of the home office and the branch: Allowance for overvaluation in branch inventory, P103,500; branch beginning inventory, P81,000; branch ending inventory, P135,000. How much is the shipment recorded in the home office book for the current period?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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The home office sells merchandise to its branch at 120% of cost. The branch was established several years ago with the policy that all its merchandise would be acquired from the home office. The following information is available from the records of the home office and the branch: Allowance for overvaluation in branch inventory, P103,500; branch beginning inventory, P81,000; branch ending inventory, P135,000.
How much is the shipment recorded in the home office book for the current period?
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