What closing inventory would be reported

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Problem 1: The Gift Company has a branch in Dipolog City. During 2008, the home office shipped to the branch merchandise billed at P150,000 including a markup of 20% on cost. The branch reports opening and closing inventories of P90,000 and P120,000, respectively, while the home office has a closing inventories of P210,000 which includes merchandise which are held on consignment valued at P10,000. Both location use the periodic inventory system. What closing inventory would be reported in the combined statement of income for the year 2008?

Reference no: EM132754859

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