EF Company consigned 1,000 video players co 2021. DEF paid P15,000 for the freight. For t dered safety device on players which have no ith a freight of P5,000. On December 20, DEF ost of for labor, P5,000 which was paid by th
Q: he llowing information was taken Atemoon Co Jan L 20 29000 5000 2000 21000 Ine 2 4.000 Acunts payabe…
A: All products that have completed the manufacturing and production procedures are stored in the…
Q: Wing Co. consigned eight printing machines to Wind Co. Each machine costs P1,000,000 and has a…
A: Introduction: The consignor's (Wing co.'s) machines are held by the consignee (Wind Co.) who sells…
Q: ABC Co. imported a machine on January 2, 2020 for P550,000. In addition, ABC Co. incurred these…
A: The costs incurred on fixed assets to bring it to final usage for the production are to be…
Q: On August 5, 2020, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc.…
A: given that, consignment is given to sell 40 dining sets out of which 30 sets are being sold by the…
Q: On October 20, 20x1, Grimm Co. consigned 40 freezers to Holden Co. for sale at P1,000 each and paid…
A: Consignment is an agreement or association between two parties in which one party provides or sends…
Q: Arko Manufacturing Co. purchased 10,500 lbs. of materials XY at P2 per lb. and incurred freight cost…
A: Discount on payment = Purchases x discount rate = (10,500 lbs. x P2 per lb) x 2% = P21,000 x 2% =…
Q: ober 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Win…
A: Solution: 1) Amount of Loss Amount of Loss = Freight + (Number of Units lost) x Cost per unit…
Q: How much is the inventories in a combined balanced sheet as of December 31, 2021?
A: Inventories are the goods which the company is having which are for the sale during the normal…
Q: Stainless Works Mfg. Co. consigned 5 dozens of stainless chairs to Urban Furniture Co. on April 1,…
A: Sales value = (amount remitted + selling expenses + deliver and installation) / (1 - commission…
Q: ABC Co., consigned 5 dozen of stainless chairs to DEF Co on April 1. 2021. Each chair cost P120 and…
A:
Q: MedLab Inc. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ACC Co.…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: In May 2021, Cherry Company relocated an employee from the Manila head office to a branch in…
A: The provision for relocation costs shall include the following Cost of Shipping Airfare Temporary…
Q: On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL…
A: Calculation of Unit sold
Q: ABC Co. imported a machine on January 2, 2020 for P550,000. In addition, ABC Co. incurred these…
A: Machinery is recorded in Books of Account as a sum of Purchase Price ,any directly attributable cost…
Q: On Jan 1,2020, Kim Co. supplies amounted to P2,500. During the year, thecompany purchased P1,200…
A: Office supplies means the any product used in office on regular basis. We can not say that amount of…
Q: On December 1, 2021, ABC Department Store received 505 sweaters on consignment from Todd. Todd's…
A: In a consignment, goods are transferred to another party (the consignee), who acts as an agent for…
Q: On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost…
A: For calculating the cost of goods sold by consignee, all the direct expenses are added to initial…
Q: Monaco manufacturing corp has the following account balances per ledger for the period ending…
A: Amount (In P) Amount (In P) Sales 1,100,000 Less: Sales Discount…
Q: A, Inc. consigned ten one-horsepower air conditioning units to B Trading and paid ₱2,000 for the…
A: Calculation of consignment unsold stock Cost price per unit= (72000-72000*12.5%)/6 = 10500 per unit…
Q: On October 1, consignment. P20,000 each. P10,000. The consignor agreed to absorb the consignee's…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch…
A:
Q: The following trial balance relates to Golden Ltd at 30th September 2018…
A:
Q: On July 2, 2020, Covenant Construction London's area's dedicated general contractor purchased a…
A: Profit or loss on sale of old equipment Particulars…
Q: On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc.…
A: The question is related to Branch Accounting. The details are given regarding the same.
Q: Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch…
A: Consignment accounting is that accounting in which goods are sent by their owner (the consignor) to…
Q: Viserys Corporation, a dealer of cars, sold its old warehouse with carrying amount of P600,000 for…
A:
Q: Monaco manufacturing corp has the following account balances per ledger for the period ending…
A: The question is related to Cost Sheet for the year ended December 31st, 2019. The Cost Sheet or…
Q: a)Prepare alljournal entriesyou consider necessaryrelating to the above information.Round to the…
A: Cost of the new equipment = cash + trade in allowance =50,035 + 9,500 = $59,535 Gain on disposal of…
Q: On August 5, 2020, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet. The…
A: Various accounting transactions will be recorded with the journal entries in the books of accounts…
Q: 11. Muscat Mills Limited of Oman sent 200 pieces of clothing's to Isaam stores , Buraimi on…
A: The journal entries for the transactions relating to the Buraimi Consignment are presented hereunder…
Q: J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are…
A: 3/10, n/30 refers that 3% discount is provided if payment is made with in 10 days and final payment…
Q: On October 9, 2020, Steven Company purchased $4,500 of product on account from Bryant Company on…
A: JOURNAL ENTRIES FOR STEVEN COMPANY:
Q: On March 20, Y3; Aylmer Inc entered into a consignment agreement with Belmont Services Corporation…
A: Consignment is the process where goods are sent by owner(consignor) to agent (consignee) for further…
Q: ABC Consigned 15 construction machines to XYZ Co. The machines cost P450,000 each. Freight on the…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each…
A: Consignment is the facility available to the consignor by transferring the goods to the consignee on…
Q: ulldog Manufacturing Corp. consigned ten refrigerators to Poodles Sales Co. These refrigerators had…
A: 1) The consignee sold the 6 refrigerators for a total of ____. Let the total amount of sale for 6…
Q: GIRLAND INC. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ABA Co.…
A: Solution:- Calculation of how many medical equipment were sold as follows under:- According to the…
Q: On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc.…
A: For determining the balance of the branch account as per home office books, we have to prepare…
Q: How much should be capitalized as cost of the machine? a. 2,300,000 c. 2,323,000 b. 2,320,000 d.…
A: Cost of machine includes cash purchase price of machine and other relevant costs such as non…
Q: the branch incurred a loss of P4,000. What is the balance of the branch account as per home office…
A: Balance of branch account includes branch current account and adjustment of profit or loss. In home…
Q: Medlab Inc. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ACC Co.…
A: Amount paid to MedLab is computed by subtracting the total expenses from the total sales. The total…
Q: ABC Co. imported a machine on January 2, 2020 for P550,000. In addition, ABC Co. incurred these…
A: Machine Cost is sum of purchase price ,Directly attributable cost & decommissioning ,…
Q: CSGNR Inc. purchased 100,000 units costing P1,000,000, and paid P10,000 freight for its shipment.…
A: A consignment sales is happened when the owner of the merchandise (named as the consignor) sends…
Q: Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch…
A: Information given in the question Home office supplied goods to branch at cost 156,000 plus…
Q: gned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November…
A: The consignor needs to record the gross amount of goods sold to the customer at the time of transfer…
Q: On October 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each.…
A: Win company is cosignor and JAA company is cosignee 240 posters with P1000 is sent. Cost of goods…
Q: nsigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on…
A: DEF Company would record the net income after deducting the cost of goods sold for 700 units,…
Q: On October 1, 2020, Popsters Company consigned 240 posters to AshMatt Inc. Popsters policy in…
A: The question is related Consignment Accounting. The details are given.
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- On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, GEO reported sales of 6 handbags at P30,000 each and incurred expenses of P12,500 and remitted the net proceeds due to HBO after deducting a 20% commission on the sales price. What is the total cost of inventory of the unsold handbags? A. 60,000 B. 66,000 C. 71,000 D. 75,000On March 10, 20X1, Indigo Company sold to Barr Hardware 230 tool sets at a price of $54 each (cost $28 per set) with terms of n/60, f.o.b. shipping point. Indigo allows Barr to return any unused tool sets within 60 days of purchase. Indigo estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 20X1, Barr returned 6 tool sets and received a credit to its account. Prepare journal entries for Indigo to record (1) the sale on March 10, 20X1, (2) the return on March 25, 20X1, and (3) any adjusting entries required on March 31, 20X1 (when Indigo prepares financial statements). Indigo believes the original estimate of returns is correct. Two journal entries are needed for each part, thus six total journal entries.From July 1 to August 30, 2020, Busy Beaver Ltd. completed the following transactions:On July 1, Busy Beaver sold 40 computers at a unit price of $3,000 to Heintoch Corp., terms1/15, n/30. Average cost for these computers was $1,500. Busy Beaver also paid the freightcosts of $3,200 cash. On July 5, Heintoch Corp. returned for full credit three damagedcomputers from the July 1 shipment. These were not returned to inventory. Heintoch agreedto pay the $240 freight cost to return the computers to Busy Beaver. On July 10, Busy Beaverreceived payment from Heintoch for the full amount owed from the July transactions. On July14, Busy Beaver purchased 50 computers on account from Correl Computers Ltd. for $1,500per unit plus freight for $4,000. On July 17, Busy Beaver sold $224,000 in computers andperipherals to Perkins Store, terms 1.5/10, n/30. Cost for these computers was $112,000. OnJuly 26, Perkins Store paid Busy Beaver for half of its July purchases. On August 30, PerkinsStore paid Busy…
- CSGNR Inc. purchased 100,000 units costing P1,000,000, and paid P10,000 freight for its shipment. After a day, the company consigned these goods to OIEE Inc. stating that the consignee is entitled to10% of the revenue from all sold units. The shipment from the consignor to the consignee amounted toP5,000 with payment terms freight collect. With a standard retail price of P19, the consignee remitted a total of P1,306,000. Other notable expenses paid by the consignee on the consignor’s behalf wereP12,000 advertising expense, P3,000 delivery charges to customers, P7,800 installation fee on the customer’s premises. How much was the cost of goods still out on consignment? A. 220,000 B. 221,100 C. 222,200 D. 223,300ABC Co. has a branch operation in Morayta. Merchandise is shipped to the branch at a transfer price of 30% more than cost. At the end of 2022, ABC Co. has determined that the branch should be allocated common expenses but the branch has not yet been notified of the following allocated amounts: Marketing expense P15,000 Rent expense 10,000 Other expense 5,000 In addition, a shipment costing P25,000 is still in transit as of December 31, 2022 while a P12,000 branch remittance has not been received by the home office due to limited bank operations as of December 31. The branch’s accountant is unaware of the accounting treatment of shipments of inventory from the home office and has recorded these as normal purchases. The beginning accounts payable includes P130,000 payable to the home office. A trial balance of the home office and the branch, before any necessary adjustments, is provided: ABC Co. Branch Debits: Cash P…On May 1, 20x4, TV Inc. consigned 80 VCD players to Ed's TV. The VCD player cost P270. Freight on the shipment paid by Ed's TV was P600. On July 10, TV Inc. received an account sales and P12,900 from Ed's TV. Thirty VCD players had been sold and the following expenses were deducted: Freight .. .P 600 Commission (20% of sales price) ? Advertising .. .. 390 Delivery . .. 210 The total sales price of the VCDS sold by Ed's TV was: P.
- ABC Co. has a branch operation in Morayta. Merchandise is shipped to the branch at a transfer price of 30% more than cost. At the end of 2022, ABC Co. has determined that the branch should be allocated common expenses but the branch has not yet been notified of the following allocated amounts: Marketing expense P15,000 Rent expense 10,000 Other expense 5,000 In addition, a shipment costing P25,000 is still in transit as of December 31, 2022 while a P12,000 branch remittance has not been received by the home office due to limited bank operations as of December 31. The branch’s accountant is unaware of the accounting treatment of shipments of inventory from the home office and has recorded these as normal purchases. The beginning accounts payable includes P130,000 payable to the home office. A trial balance of the home office and the branch, before any necessary adjustments, is provided: ABC Co. Branch Debits: Cash P 35,000…Racine Co. determined its desiccated coconut inventory on a FIFO basis at P520,000 with a replacement cost of P400,000 based on physical inventory taken on December 31, 2021. After further processing costs of P240,000, Racine estimated that the desiccated coconut inventory could be sold as finished desiccated coconut candies for P800,000. Normal profit margin for Racine is 10% of sales. What amount should Racine report as desiccated coconut inventory in its December 31, 2021 balance sheet under the lower of cost or market value? a. 480,000 b. 520,000 c. 560,000 d. 400,000A Consignor shipped 100 units of its inventories to the consignee on consignment. Each unit costs P450 and has a standard retail price of P750. The 100 units had a freight-in charge of P3,750. After a month, the consignee returned 10 units of inventory and remitted P32,850 to the consignor with an account sales with the following items included: Commission of 20% Cartage on consigned goods, P750 Marketing expenses, P1,500 Delivery to customer and installation, P900. 1. How many units were sold by the consignee? 2. How much is the cost of inventory still on consignment at the end of the month? 3. How much is the total consignment profit (loss) by the consignor?
- USW Ltd a manufacturing entity manufactures specialized robust cell phone cases for resale. The manufacturing cost per ton is R850. Finished products are sold for R935 per ton. Sales expenses amount to R45 per ton, delivery costs amount to R35 per ton and other directly associated costs to inventory to make a sale is R25 per ton. Closing inventories on hand at 31 December 2020 amounts to 3 500 tons. The amount that must be used to write down inventories to its net realisable value is? R70 000 R75 000 R80 000 R85 000On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL was to sell these on consignment at 50% above cost for a 15% commission on the sales price. After selling 200 pieces, LL had the remaining unsold units repaired for some electrical defects for which P2,000 was spent. MMM subsequently increased the selling price of the remaining units to P33,000. On January 31, LLremitted P6,498,000 to MMM after deducting 15% commission, P85,000 for delivery expenses, and P200,000 for the repair of the defective units. The consigned goods cost MMM Trading P20,000 per unit, and P900,000 was paid to ship them to LL Electrical Shop. All expenses in connection with the consignment are reimbursable to the consignee. Refer to MMM Trading. What is the total number of units sold by LL Electrical Shop? Refer to MMM Trading. What is the cost of inventory on consignment? Refer to MMM Trading. What is the amount of consignment profit to be reported by MMM Trading?A Consignor shipped 100 units of its inventories to the consignee on consignment. Each unit costs. P450 and has a standard retail price of P750. The 100 units had a freight-in charge of P3,750. After a month, the consignee returned 10 units of inventory and remitted P32,850 to the consignor with an account sales with the following items included: • Commission of 20% • Cartage on consigned goods, P750 • Marketing expenses, P1,500 Delivery to customer and installation, P900. -How many units were sold by the consignee? -How much is the cost of inventory still on consignment at the end of the month? -How much is the total consignment profit (loss) by the consignor?