The home office ships merchandise to the branch at 25 percent above cost. If the balance before closing in the Intracompany Inventory Profit account is 66,000 and Shipments from Home Office amounted to 300,000, what was the cost of the branch's beginning inventory? A. P96,000 B. P30,000 C. P80,000 D. P24,000

The home office ships merchandise to the branch at 25 percent above cost. If the balance before closing in the Intracompany Inventory Profit account is 66,000 and Shipments from Home Office amounted to 300,000, what was the cost of the branch's beginning inventory? A. P96,000 B. P30,000 C. P80,000 D. P24,000

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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