Reference no: EM133020365
Question - Lincoln Company operates branch on October 31, 2019, the branch current account had a balance of 300,000. In the process of reconciling the reciprocal current accounts, the items follow were noted.
The home office had billed the branch P 75,000 for merchandise shipment still in as of October 31.
A home office customer's account for P 21,000 collected by the branch on October 26 has not been reported to the home office.
The branch has failed to recognize its P 5,000 share of advertising expense paid for by the home office.
The branch reported a net income of P 43,500 during the fiscal period then ended; this was not recorded by the home office yet.
The branch remitted 30,000 to the home office bookkeeper has not recorded it yet until the 3rd day of the following month.
The home shipped merchandise to the branch at cost, 75,000 but the goods are still in transit at month end.
A branch customer remitted 20,000 to the home office. The notice of collection has not reached the branch yet at month end.
Required -
a. What is the unadjusted balance of the investment in branch account?
b. How much is the amount of consolidated invesntory at the end of the period?
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