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What is the combined cost of goods sold at the end

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Reference no: EM132829204

The following information is given regarding Megan Company:

  1. The reciprocal account in the separate income statement of the home office amount to P225,000.
  2. During the year 2020 (current year), the home office bills merchandise to the branch at 215%of cost.
  3. The beginning inventory of the branch is P249,375.
  4. During the 2020, the branch purchased from vendors merchandise amounting to P150,000.
  5. The ending inventory of the branch as shown in the combined financial statements is P267,125.
  6. The allowance for overvaluation before adjustment is P320.000.
  7. The beginning inventory of the branch from the home office at cost is P153,125.
  8. The unrealized profit at the end of the year must be decreased by P55,000.

Problem 1: What is the combined cost of goods sold at the end of 2020?

Reference no: EM132829204

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