1. Home office bills its branch for merchandise shipments at 25% above cost. The following are some of the account balances appearing on the books of the home office and its branch as of December 31, 2022: Home Office Books Branch Books Inventory, Jan. 1 P 35,000 P 48,000 Shipments from home office Shipments to branch 240,000 Inventory allowance 66,000 280,000 The beginning inventory of the branch included goods from home office of P30,000 at billing price. Its ending inventory of P 72.000 includes goods from other suppliers costing P 16,000. 1. How much shipments are still in transit or not yet recorded by branch? How much must be the ending inventory of the branch at cost