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What the cost of sales of the branch was

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Reference no: EM132771979

Marian Commercial Corp. maintains a branch in Iloilo City. Selected balances taken from the books of Marian Commercial and its Iloilo branch as of December 31, 2029 are as follows:

                                                                   Home office           Branch
Merchandise Inventory, Jan. 1                  12,000               8,000
Purchases                                         150,000              30,000
Shipments from Home Office 93,750
Shipments to Branch 75,000
Branch Inventory Allowance 19,750
Sales                                                  115,000           176,500
Merchandise Inventory, Dec. 31               14,000               10,350

Problem 1: P4,350 of the branch's ending inventory came from purchases from outside vendors. As far as the Home Office is concerned, the cost of sales of the branch was

Reference no: EM132771979

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