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.
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.
Chapter6: Merchandising Transactions
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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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