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What the allowance for overvaluation account is

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Problem 1: A home office ships inventory to its branch at an amount above cost. By year-end, 75 percent of the inventory shipped to the branch has been resold to outsiders. The allowance for overvaluation account is:

a. Eliminated in the working paper used to combine the home office and branch account
b. Credited to branch income account for the realized portion of the mark-up
c. Debited to branch income for the mark-up in the branch ending inventory
d. Credited to branch income for the mark-up in the branch ending inventory

Reference no: EM132774387

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