Mary Corporation has a branch in Caloocan. In 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021, 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment, and excludes P5,000 inventories out on consignment. How much is the inventories in a combined balance sheet as of December 31, 2021?

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All the goods which have been sent on consignment sha... View the full answer