The home office consistently billed its branch 130% of cost and the following data were ascertained for the year 2020 for the home office and branch: Home Office Sales P370,500 Branch 400,000 Purchases 288,900 124,800 Shipments 178,800 ? OPEX 75,300 45,900 Home Office Branch Beginning Inventory 12,500 Home Office Ending Inventory 50,700 Vendors 35% of total branch beginning inventory 35,700 Home Office 62% of total branch ending inventory Vendors 1. What is the cost of goods sold reported by the branch? 30,875 2. What is the balance of the mark-up on the merchandise available for sale from the home office? 3. What is the combined ending inventory?

The home office consistently billed its branch 130% of cost and the following data were ascertained for the year 2020 for the home office and branch: Home Office Sales P370,500 Branch 400,000 Purchases 288,900 124,800 Shipments 178,800 ? OPEX 75,300 45,900 Home Office Branch Beginning Inventory 12,500 Home Office Ending Inventory 50,700 Vendors 35% of total branch beginning inventory 35,700 Home Office 62% of total branch ending inventory Vendors 1. What is the cost of goods sold reported by the branch? 30,875 2. What is the balance of the mark-up on the merchandise available for sale from the home office? 3. What is the combined ending inventory?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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