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How much is the cost of the merchandise destroyed by fire

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Question - The new branch of Resilient Company is billed for merchandise it receives at 125% of cost. The branch turns around and sells them at 25% above billed price. Subsequently on June 30, 2020, the entire branch's merchandise was destroyed by fire. The recovered branch records show the following:

Beg. Inventory (all at Home office billed price) $391,250

Shipments, January 1 to June 30 (at billed price) 247,500

Purchases (at cost) from other sources (all resold at markup of 30% on cost) 20,500

Sales 407,500

Sales returns and allowances 7,500

Required - How much is the cost of the merchandise destroyed by fire?

Reference no: EM132524970

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