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How much is the true income of the branch

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Reference no: EM133024424

Question - Victor Company operates a branch in Cebu. Selected accounts were taken from December 31 books of the current year. Financial statements of Victor and its branch are as follows as of 12/31:

Home Office Branch

SALES 6,900,000 3,765,000

Shipment to Branch 1,750,000

Shipment from Home Office 2,187,500

Inventory, Jan. 1 800,000 120,000

Inventory, Jan. 31 640,000 250,000

Purchases 6,800,000 1,000,000

Allo. for overvaluation of inventory 452,500

Expenses 356,000 250,000

The ending Inventory of the branch on hand includes 120,000 from the home office.

Required -

1. How much is the true income of the branch?

2. How much is the consolidated net income?

3. How much is the consolidated inventory at 12/31?

Reference no: EM133024424

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