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What is the mark-up rate on the shipment

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Reference no: EM132640555

Question - The following are the accounts in the books of the Home Office by and the Branch:

Home Office Book

Allowance for Mark-up, beg bal $10,000

Returns ($1,875)

Branch Book

Merchandise Inv, beg bal $22,700

Shipment from Home Office $29,040

Purchases $40,000

Cost of Sales ($64,000)

Returns to Home Office ($7,500)

The branch uses perpetual inventory system. Merchandise comes from the home office and outside suppliers.

Inventory end of the year of the branch includes $6,000 worth of goods from outside suppliers.

Required - As per home office record, (1) what is the mark-up rate on the shipment? and; (2) what is the cost of sales of the branch?

Reference no: EM132640555

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