5. Presented below are items taken from the unadjusted trial balance of the Company and its branch on December 31, 2021. It is the company's policy to bill all branches for merchandise shipments at 30% above cost. Determine: a. How much of the branch inventory on January represents purchases from outsiders? b. Assuming that the branch ending inventory acquired from home office is P 46,800 at billed price, what is the net income (loss) of the branch insofar as the home office is concerned? * Shipments to branch Allowance for overvaluation of branch inventory Shipments from home office Purchases (from outsiders) Merchandise inventory, January 1 Merchandise inventory, December 31 Sales Expenses Home Office Books P 360,000 119,880 Branch Books P 468,000 173,520 65,520 58,500 648,000 61,200

On June 1, Calumet Corp. paid  $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.

. The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost of P364,000 was on hand at that date. Excluded from this amount are the following items: Merchandise costing P30,000 held by Cherry Company on consignment. Merchandise costing P45,000 shipped FOB shipping point to a customer on December 29, 2021. The goods are expected to be received by the customer on January 4, 2022. Merchandise costing P62,000 shipped FOB destination to a customer on December 31, 2021. The goods were expected to be received by the customer on January 6, 2022. Merchandise costing P78,000 shipped by a vendor FOB destination on December 30, 2021 and received by Cherry Company on January 5, 2022. Merchandise costing P54,000 shipped by a vendor FOB seller on December 31, 2021 and received by Cherry Company on January 3, 2022. What is the correct inventory that should appear in Cherry Company's statement of financial position at December 31, 2021?

On December 31, 2021, Titanium Inc. had recorded $175,000 in its inventory account.  The controller found the following invoices that had not been entered on January 3, 2022: Sold goods costing $7,500 to Silver Co. for $12,000, terms FOB shipping point.  The goods were shipped on December 29, and delivered to Silver on January 2, 2022. Sold goods costing $9,000 to Platinum Ltd. for $18,000 on account.  The goods were delivered on December 20, 2021, and payment is due January 15, 2022. Purchased goods costing $6,500 on December 21,2021.  The shipping terms are FOB destination.  The inventory was shipped on December 28, 2021, and received January 3, 2022. What amount should Titanium record as its ending inventory on December 31, 2021?   Question 7 options:   $145,000   $165,000   $198,000   $158,500