Problem VIIIThe following pertains to Bright Inc. home office and its branch:Home Office BooksBranch BooksInventory, January 1- From outside purchasesP480,000P32,000Inventory, January 1- From home office, at 110% of cost132,000Purchases from outsiders1,200,000320,000Shipments to Branch360,000Shipments from home office372,000Inventory, December31- From outside purchases300,000160,000Inventory, December31- From home office, at 110% ofcost130,0001. What is the combined cost of sales for the year?

Branch accounting is used by those organizations having more than one branch. Financial for each…

Problem VIII The following pertains to Bright Inc. home office and its branch: Inventory, January 1- From outside purchases Inventory, January 1- From home office, at 110% of cost Purchases from outsiders Shipments to Branch Shipments from home office Inventory, December31- From outside purchases Inventory, December 31- From home office, at 110% of cost 1. What is the combined cost of sales for the year? Home Office Books P480,000 1,200,000 360,000 300,000 Branch Books P32,000 132,000 320,000 372,000 160,000 130,000

Problem VIII The following pertains to Bright Inc. home office and its branch: Inventory, January 1- From outside purchases Inventory, January 1- From home office, at 110% of cost Purchases from outsiders Shipments to Branch Shipments from home office Inventory, December31- From outside purchases Inventory, December 31- From home office, at 110% of cost 1. What is the combined cost of sales for the year? Home Office Books P480,000 1,200,000 360,000 300,000 Branch Books P32,000 132,000 320,000 372,000 160,000 130,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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