Kindly answer in good accounting form. thank you!
Maria Corporation has a branch in Caloocan. During 2021, the home
office shipped to the branch supplies costing P156,000 at a billed price of
30% above cost. The inventories of supplies at the branch were as follows:
January 1, 2021 P110,000; December 31, 2021 128,000. On December 31,
2021, the home office holds inventories of P112,800 which includes
P11,500 held on consignment and which excludes P5,000 inventories out
on consignment.
How much is the inventories in a combined balanced
sheet as of December 31, 2021?
| Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. |
| How much is the inventories in a combined balanced sheet as of December 31, 2021? Present solution in good accounting form. |
. Mary Corporation has a branch in Caloocan. During 2021, the home office shipped
to the branch supplies costing P156,000 at a billed price of 30% above cost. The
inventories of supplies at the branch were as follows: January 1, 2021 P110,000;
December 31, 2021 128,000. On December 31, 2021, the home office holds
inventories of P112,800 which includes P11,500 held on consignment and which
excludes P5,000 inventories out on consignment. How much is the inventories in a
combined balanced sheet as of December 31, 2021?
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