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Calculate the overstatement of the branch cost of sales

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Problem - The following are the unadjusted trial balances of Chris Corp and its branch on December 31, 2020 follow:

 

Home Office

Branch

Shipment to branch

120,000

 

Branch inventory allowance

39,960

 

Shipment from home office

 

156,000

Purchases

 

56,580

Inventory Jan. 1

 

21,840

Inventory Dec. 31

 

19,500

Sales

 

216,000

Expenses

 

20,400

The branch ending inventory acquired from the home office is P15,600 at billed price. The branch billed for merchandise shipments at 30% above cost.

Calculate the overstatement or (understatement) of the branch's cost of sales?

Reference no: EM132820235

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