Reference no: EM132671430
Pangasinan Branch of Malate Company, at the end of its first quarter operations, submitted the following income statement
Sales P300,000
Cost of sales:
Shipments from HO P280,000
Local purchases 30,000
Total P310,000
Inventory at end 50,000 260,000
Gross profit on sales P40,000
Expenses 35,000
Net income P5,000
Shipments to the branch were billed at 140% of cost. The branch inventory at September 30 amounted to P50,000 of which P6,600 was locally purchased. Mark up on local purchases, 20% over cost. Branch expenses incurred y Home Office amounted to P2,500 not yet recorded by the branch
Problem 1: Compute the branch ending inventory that should be presented in the combined income statement
a. P36,500 b. P37,600 c. P43,400 d. P50,0002
Problem 2: The true branch net income
a. P70,100 b. P5,000 c. P2,500 d. None of the above
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