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What is the overvaluation of branch ending inventory

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Live Bright home office ships merchandise to its Makati Branch at 20 percent above cost. Makati branch's book shows a beginning inventory of P162,000 (50% from outside purchase) and shipments from home office of P486,000. The ending inventory of the Makati branch amounted to P405,000 in which 60% is home office merchandise while the remaining balance is from outside purchases. The Makati branch purchased merchandise costing P381,000. The total sales and operating costs of the branch for the year amounted to P1,248,000 and P264,000 respectively.

Question 1: The Allowance for Overvaluation of Branch Inventory Account is adjusted to how much?

Question 2: The Allowance for Overvaluation of Branch Inventory Account is adjusted by how much?

Question 3: What is the Overvaluation of Branch Ending Inventory?

Question 4: How much is the true net income of the branch?

Reference no: EM132791751

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