Homework Answers
Markup on home office cost = 25%
Opening balance for January 2005, in Nine-Zero branch office = $120,000
Opening balance without markup = ($120,000/125)*100 = $96,000
Shipment received on January 16, 2005 = $500,000
Shipment received cost without markup = ($500,000/125)*100 = $400,000
Total inventory without markup = $496,000
Inventory sold = $520,000
Markup in cost of goods sold = $104,000
Cost of goods sold = $520,000 - $104,000 = $416,000
Inventory left without markup = $496,000 - $416,000 = $80,000 (This will be reflected in head office accounts at cost).
Closing Balance Inventory of January with a markup of 25% = $80000*125/100 =$100,000 (which is equal to the debit balance of inventory on 31st January in branch office accounts).
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