MARITES Company has two merchandise outlets, its main store and its Center Mall branch. All purchases are made by the main store and shipped to the Center Mall branch at cost plus 10%. On January 1, 2020, the main store and Center Mall inventories were ₱170,000 and ₱49,500, respectively. During 2020, the main store purchased merchandise costing ₱50,000 and shipped 40% of it to Center Mall. At December 31, 2020, Center Mall made the following closing entry: Sales ₱400,000 Inventory, end 60,500 Inventory, beg. ₱ 49,500 Shipments from main store 220,000 Expenses 131,000 Main store 60,000 If the main store inventory at December 31, 2020 is ₱140,000, the combined main store and branch inventory that should appear in Darrell Company’s December 31, 2019 statement of financial position is:
MARITES Company has two merchandise outlets, its main store and its Center Mall
branch. All purchases are made by the main store and shipped to the Center Mall
branch at cost plus 10%. On January 1, 2020, the main store and Center Mall
inventories were ₱170,000 and ₱49,500, respectively. During 2020, the main store
purchased merchandise costing ₱50,000 and shipped 40% of it to Center Mall. At
December 31, 2020, Center Mall made the following closing entry:
Sales ₱400,000
Inventory, end 60,500
Inventory, beg. ₱ 49,500
Shipments from main store 220,000
Expenses 131,000
Main store 60,000
If the main store inventory at December 31, 2020 is ₱140,000, the combined main
store and branch inventory that should appear in Darrell Company’s December
31, 2019
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