1. Home office bills its branch for merchandise shipments at 25% above cost. The following are some of the account balances appearing on the books of the home office and its branch as of December 31, 2022- Home Office Books Branch Books Inventory, Jan 1 P 35.000 P 48.000 Shipments from home office 280,000 Shipments to branch 240.000 Inventory allowance 66,000 The beginning inventory of the branch included goods from home office of P30,000 at billing price. Its ending inventory of P 72.000 includes goods from other suppliers costing P 16,000. 1. How much shipments are still in transit or not yet recorded by branch? How much must be the ending inventory of the branch at cost?

1. Home office bills its branch for merchandise shipments at 25% above cost. The following are some of the account balances appearing on the books of the home office and its branch as of December 31, 2022- Home Office Books Branch Books Inventory, Jan 1 P 35.000 P 48.000 Shipments from home office 280,000 Shipments to branch 240.000 Inventory allowance 66,000 The beginning inventory of the branch included goods from home office of P30,000 at billing price. Its ending inventory of P 72.000 includes goods from other suppliers costing P 16,000. 1. How much shipments are still in transit or not yet recorded by branch? How much must be the ending inventory of the branch at cost?

Name: 1. Home office bills its branch for merchandise shipments at 25% abov
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Description: 1. Home office bills its branch for merchandise shipments at 25% above cost. The following are some of the account balances appearing on the books of the home office and its branch asof December 31, 2022:Home OfficeBranch BooksBooksInventory, Jan. 1

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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