In 20x8, a home office shipped inventory costing P40,000 to its branch for P60,000. At the...
In 20x8, a home office shipped inventory costing P40,000 to its branch for P60,000. At the end of P20x8, the branch reported P15,000 of this inventory in its balance sheet. The amount of allowance for overvaluation for branch inventory at the end of 20x8 is..
I got 5,000 answer; Please show the solution;
Homework Answers
Overvaluation Percentage on the inventory received by branch
= (60,000 - 40,000)/60,000 = 33.333333%
Amount of allowance for overvaluation for branch inventory
= Ending inventory x overvaluation percentage
= 15,000 x 33.333333%
= P5,000
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