Reference no: EM132952999
Question - The following information was taken from the records of a branch:
Sales by branch 700,000
Billings to branch by home office 625,000
Operating expenses 100,000
Ending Inventory at billed price 250,000
The following information was taken from the records of the home office
Branch current account 650,000
Shipments to branch 500,000
Allowance for mark-up - unadjusted 125,000
Required -
Compute the Billing rate based on cost or mark up percentage based on cost.
Compute the Sales of branch to be included in the combined financial statements.
Compute the Realized mark up.
Compute the Cost of goods sold of branch to be included in the combined financial statements.
Compute the Ending Inventory of branch to be included in the combined financial statements.
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