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Compute the unrealized markup in ending inventory

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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 markup - Unadjusted 125,000

Required - Compute the following:

1. Billing rate based on cost or Mark up percentage based on cost.

2. Sales of branch to be included in the combined financial statements.

3. Realized mark up.

4. Cost of goods sold of branch to be included in the combined financial statement.

5. Ending inventory of branch to be included in the combined financial statements.

6. Unrealized markup in ending inventory.

7. Ending balance of the "allowance for markup" account before combining the financial statements.

8. Individual profit of the branch.

9. True profit of the branch.

10. Adjusted balance of the branch current account immediately prior to combining the financial statements.

Reference no: EM133065949

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