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What is total goods available for sale recorded in branch

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Reference no: EM132652438

The following information is given regarding AAA company:

  • The reciprocal account in the separate income statement of the home office  amount to P225,000
  • During the year 2016 (current year), home office bills merchandise to the branch at 215% on cost. The beginning inventory of the branch is P 249,375. During the 2016, the branch purchased from vendors merchandise amounting to P150,000. The ending inventory of the branch as shown on the combined financial statements is P267,125.
  • The allowance for overvaluation before adjustments is P320,000.
  • The beginning inventory of the branch from the home office at cost is P153,125
  • The unrealized profit at the end of the year must be decreased by P55,000.

Problem 1: What is the cost of goods sold in the combined financial statements at the end of 2016?

a.351,000

b.354,900

c.296,000

d.306,190

Problem 2: What is the total goods available for sale recorded in the branch's books at the end of 2016?

a.883,125

b.563,125

c.624,375

d.821,875

Reference no: EM132652438

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