The Chivas Regal owns the Royal Crown in Quezon City and a branch in Davao City. During 2016, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: January 1, 2016, P90,000; December 31,2016, P108,000. On December 31, 2016 the home office holds inventories of P160,500 which includes P10,500 held on consignment and excludes 5000 inventories out on consignment. How much is the inventories in a combined statement of financial position as of December 31, 2016?
The Chivas Regal owns the Royal Crown in Quezon City and a branch in Davao City. During 2016, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: January 1, 2016, P90,000; December 31,2016, P108,000. On December 31, 2016 the home office holds inventories of P160,500 which includes P10,500 held on consignment and excludes 5000 inventories out on consignment. How much is the inventories in a combined statement of financial position as of December 31, 2016?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Chivas Regal owns the Royal Crown in Quezon City and a branch in Davao City. During 2016, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: January 1, 2016, P90,000; December 31,2016, P108,000. On December 31, 2016 the home office holds inventories of P160,500 which includes P10,500 held on consignment and excludes 5000 inventories out on consignment.
How much is the inventories in a combined
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