What total cost of goods available for sale by the branch

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Problem 1: The Quezon City Sales Company established a branch in Dumaguete City early last year. It shipped merchandise and billed the branch for P300,000 prior to its opening. For the year it made additional shipments at billed price of P120,000. Within the year, the branch shipped back P7,500 inventory and got the credit memo for said returns. On the last working day of the year, an inventory count was made. Ending inventory of P185,000 was established consisting of purchases from third parties at P20,000, with the balance coming from home office shipments at billed price. The home office billed the branch at 20% above cost. The total purchases of the branch from outside suppliers amounted to P72,500. The total cost of goods available for sale by the branch at cost (net of overvaluation and returns) amount to

Reference no: EM132754854

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