Question
Lamp starts a branch operation on January 1, 2013. Inventory costing P72,000 is shipped to this branch sells 70 percent of this inventory for P110,000
Lamp starts a branch operation on January 1, 2013. Inventory costing P72,000 is shipped to this branch sells 70 percent of this inventory for P110,000 and remits P70,000in cash to the home office. On Lamp's financial statements for this period, what is the appropriate cost of goods sold figure!
A. P50,400
BP54,600
C. P70,000
D. P74.200
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
17th Edition
1260247783, 978-1260247787
