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What is the rate of mark up on cost

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Reference no: EM133017166

Problem - The following account balances was taken from the books and records of Bulacan Company and its branch on Dec 31, 2015:

 

Investment in Branch (Home Office Books)

Home Office Current (Branch Books)

Sales

552,000

480,000

Shipments to branch

360,000

 

Merch inv, Jan 1

57,600

 

Purchases

720,000

144,000

Shipments from home office

 

450,000

Allowance for overvaluation of brach inv

94,800

 

Merch inv, end

67,200

49,680

The ending inventory of the branch contains 20,880 acquires from outsiders.

Required -

A. What is the rate of mark up on cost that the home office uses to bill merchandise to the branch?

B. The beginning inventory of the branch acquired from home office at billed price is?

C. The realized profit from overvaluation of branch inventory at Dec 31 is?

Reference no: EM133017166

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