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Ayala Branch was billed by the Home Office for merchandise at 140% of cost. At the end of its first month, Ayala Branch submitted, among

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Ayala Branch was billed by the Home Office for merchandise at 140% of cost. At the end of its first month, Ayala Branch submitted, among other things, the following data. Merchandise from Home Office (at billed price) Merchandise purchased locally by the branch Inventory at the end of month (25% are of local purchases) Net Sales for the month April P98,000 40,000 28,000 180,000 May P140,000 60,000 42,000 300,000 1. How much is the realized Gross Profit (RGP) for May? 2. How much is the realized Gross Profit (RGP) for April? 3. What was the adjusted allowance for mark up as at May 31

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