Please ANSWER ASAP. I really need help. Show your solution, don’t use excel. The HO ships merchandise to its branch at 20% above cost. The branch books show abeginning inventory of HO merchandise of P30,000 and shipments from HO of P180,000.Question 8 What is the balance before closing in the Allowance for Overvaluation ofBranch Inventory account?The HO ships merchandise to the branch at 25% above cost. The balance before closing in theIntercompany Inventory Profit account is P66,000 and Shipments from HO amounted to P300,000.Question 9= What was the cost of the branch inventory?======The HO ships merchandise to the branch at 50% above cost. On its books the balance shows a beginninginventory of HO merchandise amounting to P15,000 and shipments from HO of P110,000. Its ending inventory ofHO merchandise is P5,000.Question 10= What amount should the HO adjust the allowance for overvaluation of branch inventoryaccount?A home office ships inventory to its branch at an amount above cost. By year-end, 75 percent of theinventory shipped to the branch has been resold to outsiders.Question 11= What entry must be made by the home office to record the inter-company realized profitduring the year?Question 12 = How is the realized inter-company profit determined?

Branch and Head office concept comes in to existence where company is running from more than one…

The HO ships merchandise to its branch at 20% above cost. The branch books show a beginning inventory of HO merchandise of P30,000 and shipments from HO of P180,000. Question 8 What is the balance before closing in the Allowance for Overvaluation of Branch Inventory account?

The HO ships merchandise to its branch at 20% above cost. The branch books show a beginning inventory of HO merchandise of P30,000 and shipments from HO of P180,000. Question 8 What is the balance before closing in the Allowance for Overvaluation of Branch Inventory account?

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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Question

Please ANSWER ASAP. I really need help. Show your solution, don’t use excel.

The HO ships merchandise to its branch at 20% above cost. The branch books show a
beginning inventory of HO merchandise of P30,000 and shipments from HO of P180,000.
Question 8 What is the balance before closing in the Allowance for Overvaluation of
Branch Inventory account?
The HO ships merchandise to the branch at 25% above cost. The balance before closing in the
Intercompany Inventory Profit account is P66,000 and Shipments from HO amounted to P300,000.
Question 9= What was the cost of the branch inventory?
======
The HO ships merchandise to the branch at 50% above cost. On its books the balance shows a beginning
inventory of HO merchandise amounting to P15,000 and shipments from HO of P110,000. Its ending inventory of
HO merchandise is P5,000.
Question 10= What amount should the HO adjust the allowance for overvaluation of branch inventory
account?
A home office ships inventory to its branch at an amount above cost. By year-end, 75 percent of the
inventory shipped to the branch has been resold to outsiders.
Question 11= What entry must be made by the home office to record the inter-company realized profit
during the year?
Question 12 = How is the realized inter-company profit determined?

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