3. The following records were taken from the books of the Company and its branch on December 31, 2021: (see image below) Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year's. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account? * Home Office Books P 1,060,000 Branch Books P 315,000 Sales Shipments to branch Beginning inventory 210,000 115,000 44,500 Purchases 820,000 Shipments from home office Ending inventory 252,000 142,500 58,500

3. The following records were taken from the books of the Company and its branch on December 31, 2021: (see image below) Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year's. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account? * Home Office Books P 1,060,000 Branch Books P 315,000 Sales Shipments to branch Beginning inventory 210,000 115,000 44,500 Purchases 820,000 Shipments from home office Ending inventory 252,000 142,500 58,500

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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