The Pastry Chef home office ships merchandise to its Batangas branch at 20% above cost. Batangas branch's book shows a beginning inventory of P135,000 (50% from outside purchase) and shipments from home office of 405,000. The ending inventory of the Batangas Branch amounted to P337,500 in which 60% is home office merchandise while the remaining balance is from outside purchases. The Batangas branch purchased merchandise costing 317,500. The total sales and operating costs of the branch for the year amounted to P1,040,000 and P220,000 respectively. 1. The Allowance for Overvaluation of Branch Inventory Account is adjusted by how much? 2. How much is the true ending inventory of the branch? 3. What is the post-closing balance in the Unrealized Profit in Branch Inventory Account? 4. How much is the total cost of Goods Sold of the Branch? 5. What is the entry of the home office upon shipment of merchandise to the branch? 6. What is the Overvaluation of Branch Ending Inventory? 7. How much is the true net income of the branch? 8. The Allowance for Overvaluation of Branch Inventory Account is adjusted to how much? 9. What is the amount of overvaluation of Cost of Goods Sold or undervaluation in income