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Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at the end of the accounting period, the branch reports

Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at the end of the accounting period, the branch reports its inventories (at billed price) at $28,000.

Instructions:

Prepare the working paper for home office to analyze the flow of merchandise to branch.

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