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What is the cost of merchandise destroyed by fire

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Question - The Baguio branch of home office in Manila is billed for merchandise it receives at 125% of cost. The branch turns around and sells them at 25% of billed price. On march 15, all branch's merchandise was destroyed by fire. The branch's records recovered showed the following:

Inventory, January 1 (at billed price) 165,000

Shipments, January 1 to the date of fire (at billed price) 110,000

Purchase (at cost) from outsiders all resold at markup of 20% 7,500

Sales 169,000

Sales returns and allowances 3,750

Required - What is the cost of merchandise destroyed by fire?

a. 120,000

b. 120,240

c. 130,000

d. 140,000

Reference no: EM132621832

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