1. The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account "allowar ce for overvaluation of branch inventory", after adjustment, shows a balance of P25,000 at the end of the year. Compute the amount of ending inventory at: a. Cost and b. Billed Price * Your answer

1. The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account "allowar ce for overvaluation of branch inventory", after adjustment, shows a balance of P25,000 at the end of the year. Compute the amount of ending inventory at: a. Cost and b. Billed Price * Your answer

Name: 1. The home office bills its branch at 40% above cost. During the yea
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Description: 1. The home office bills its branch at 40% above cost. During the year2020, goods costing 150,000 were shipped to the branch. The account"allowar ce for overvaluation of branch inventory", after adjustment,shows a balance of P25,000 at the end of th

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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