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The income statement submitted by the branch to the home office for the year ended December 31, 2016 has the following balances:
Beginning inventory was P80,000 (of which P10,000 came for known suppliers). Ending inventory was P100,000 (of which P16,000 came from known suppliers). Shipments from home office was P350,000 and purchases from known supplier was P30,000. Operating expenses during the year was P180,000. The branch generated sales in the amount of P600,000. At the end of the year after adjustments have been made the recorded true net income of the branch was ascertained to be P156,000.
Problem 1: What is the balance of the unrealized profit in branch inventory account at December 31, 2016?
a.16,000
b.34,000
c.10,000
d.24,000
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