74. During 2016, Jose Corporation transferred inventory from its home office to its Laguna Branch at a billed price of P110,000. The inventory originally cost the company P90,000. The home office reported sales and cost of goods sold of P1,400,000 and P590,000, respectively. The Laguna branch reported sales and cost of goods sold of P675,000 and P300,000, respectively. All of the inventory had been sold by year combined statement of comprehensive income? a. P890,000 b. P870,000 c. P800,000 d. P780,000 end. What is the cost of goods sold to be reported in the 2016

74. During 2016, Jose Corporation transferred inventory from its home office to its Laguna Branch at a billed price of P110,000. The inventory originally cost the company P90,000. The home office reported sales and cost of goods sold of P1,400,000 and P590,000, respectively. The Laguna branch reported sales and cost of goods sold of P675,000 and P300,000, respectively. All of the inventory had been sold by year combined statement of comprehensive income? a. P890,000 b. P870,000 c. P800,000 d. P780,000 end. What is the cost of goods sold to be reported in the 2016

Name: 74. During 2016, Jose Corporation transferred inventory from its home
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Description: 74. During 2016, Jose Corporation transferred inventory from its home office to itsLaguna Branch at a billed price of P110,000. The inventory originally cost thecompany P90,000. The home office reported sales and cost of goods sold ofP1,400,000 and

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

74. During 2016, Jose Corporation transferred inventory from its home office to its
Laguna Branch at a billed price of P110,000. The inventory originally cost the
company P90,000. The home office reported sales and cost of goods sold of
P1,400,000 and P590,000, respectively. The Laguna branch reported sales and cost
of goods sold of P675,000 and P300,000, respectively. All of the inventory had been
sold by year
combined statement of comprehensive income?
а. Р890,000
b. P870,000
с. Р800,000
d. P780,000
end. What is the cost of goods sold to be reported in the 2016

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