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Problem - During 2013, Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price of P1 10,000. The inventory originally cost the company P90,000. The home office reported sales and cost of goods sold of P1,400,000 and P590,000, respectively. The Laguna branch reported sales and cost of goods sold of P675,000 and P300,000, respectively. All of the inventory had been sold by year-end. What is the cost of goods sold to be reported in the 2013 combined statement of comprehensive income?
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