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Determine the amount of the adjustment on the Allowance

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Question - Supermall Company has a branch in Florida. On April 1, 2019, the home office reports a credit balance for Allowance for Overvaluation of Inventories at $64,000. During the month, merchandise costing $72,000 was shipped to the branch and billed at 125% on cost. On April 30, 2019, the branch reported an operating loss of $23,000 for the month with ending inventories at billed prices of $50,000.

Required - Determine the amount of the adjustment on the Allowance for Overvaluation of Inventories to reflect the true branch net income.

Reference no: EM132524966

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