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What closing inventory would reported in combined statement

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Question - The Gift Company has a branch in Bohol. During 2016, 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 locations use the periodic inventory system. What closing inventory would be reported in the combined statement of income for the year 2016?

Reference no: EM133138763

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