Tillman, Inc, bills its only branch for merchandise shipments at a markup of 20% above home...
Tillman, Inc, bills its only branch for merchandise shipments at a markup of 20% above home office cost .the branch sells the merchandise at markup of 10% above billed price.
Shortly after the close of business on January 20, 1999, some of the branch merchandise was destroyed by fire. The following additional information is available:
- Inventories, Jan. 1 (at billed prices from home office) 20,000$
- Inventories Jan. 20, of merchandise not destroyed (at selling prices) 6,150
- Shipments from home office Jan. 1 to 20 (at billed prices) 60,000
- Sales from Jan. 1 to 20 48,000
- Sales returns from Jan. 1 to 28 (merchandise actually returned) 2,000
- Sales allowances from Jan. 1 to 20 (price adjustments) 700
Compute the estimated cost (to the home office) of the merchandise destroyed by fire at the branch of Tillman on January 20, 1999.
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