The Iloilo Company operate a branch in Davao, and the profit and loss data for the home office and the branch for 2013 follows: Home office Sales P...
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The Iloilo Company operate a branch in Davao, and the profit and loss

data for the home office and the branch for 2013 follows:
Home office
Sales P 250,000
Purchases from outsiders 200,000
Expenses 40,000
Inventories, Jan. 1,2013: Home office, at cost 80,000
Inventories, Dec. 31,2013: Home office, at cost 55,000


Branch
Sales P 75,000
Purchases from outsiders 15,000
Shipments from HO @ 125% billed price 32,500
Expenses 10,000
Inventories, Jan. 1,2013: Branch: From outsiders, at cost 7,500 From HO billed @ 120% above cost 24,000
Inventories, December 31,2013: Branch: From suppliers 5,500 From home office 21,000


HOW MUCH IS THE MERCHANDISE IN-TRANSIT AT YEAR END (at billed price) AND HOW MUCH IS THE COMBINED COST OF GOODS SOLD?

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