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6. Barros Corporation's shipments to and from its Brazil City branch are billed at 120% of cost. On December 31, Brazil branch reported the following
6. Barros Corporation's shipments to and from its Brazil City branch are billed at 120% of cost. On December 31, Brazil branch reported the following data at billed prices: inventory, January 1, of P 33,600; shipments received from home office of P840,000; shipments return of P48,000; and inventory, December 31, of P36,000. What is the balance of the allowance for overvaluation of branch inventory on December 31 before adjustment? a. 5,600 b. 137,600 c. 6,000 145.600
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