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Question - At the end of 2019, the branch reported an inventory of P15,000. The home office bills this branch at 125% of cost. During 2019, goods costing P200,000 were shipped to the branch. The account allowance for overvaluation of branch inventory after adjustment, shows a balance of P14,000 at the end of the year.
1. What was the amount of inventory on January 1, 2019 at cost?
a. P12,000
b. P56,000
c. P70,000
d. P15,000
e. None
2. What was the amount of the inventory on December 31, 2019, as reported by the branch?
a. P15,000
b. P12,000
c. P56,000
d. P70,000
3. What was the amount of allowance for overvaluation before the adjustment?
a. P39,000
b. P53,000
c. P3,000
d. P14,000
e. none
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