How much must Hoy remit to Hey? 2. The commission of the consignee is?
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Hey Corporation consigned 400 dresses to Hoy Fashions at a suggested retail price of P500 each. Hoy paid shipping costs of P2,100 subject to subsequent settlement. Hey and Hoy agreed that any sales in excess of suggested retail price will accrue to the latter. Hoy submitted an account sale on the sale of 215 dresses, 40% of which was sold at P580 each and the rest at P640 each. Hey has a gross profit ratio of 25% on sales.
1. How much must Hoy remit to Hey?
2. The commission of the consignee is?
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- In 20x1, Seth Wholesalers transferred goods to a retailer on consignment. The goods cost P225,000 and are normally sold at a 50% mark-up. Seth paid P5,000 freight cost, while the retailer paid P4,000 advertising and P1,500 freight cost. The parties agreed that Seth Wholesalers would reimburse the cost of advertising and freight paid by the retailer. During the year, the retailer sold 70% of the merchandise at the normal mark-up. The retailer withheld a 12% commission from payment plus the amount reimbursable by the consignor. REQUIRED: 1. Net income recognized by Seth Wholesalers 2. Amount remitted by the retailer 3. Value of unsold inventoryAmianan Company consigned five calculators, with cost of P800 each, to the Bisdak Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. Amianan Company paid shipping costs of P200 on the shipment. Correspondingly, Bisdak Company paid P320 on the freight of the shipment. On the last day of the year, Bisdak Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. Bisdak Company remitted all the cash due. 1. How much is the remittance of the consignee to the consignor?2. How much is the consignment profit?MJ Company consigned five calculators, with cost of P800 each, to the JM Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. The MJ Company paid shipping costs of P200 on the shipment. Correspondingly. JM Company paid P320 on the freight of the shipment. On the last day of the year, JM Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. JM Company remitted all the cash due. 6. The amount of cash remitted by JM Company is? 7. The consignment profit (loss) is? 8. The amount of inventory on consignment of MJ Company is? Thank you! Please answer complete
- SM Appliances consigned five electric fans, which cost P800,000 each, to Asahi Marketing Co., which was to sell them for a commission of 15% of selling price. Any accounts receivable arising from the sale of the consigned goods were to be the property of SM Appliances. SM paid trucking costs of P200,000. Asahi is to be reimbursed P170,000 for local delivery to customers. By December 31, Asahi Marketing had sold three of the fans, two for cash at P1,500,000 each and one on credit at P1,800,000, of which it had collected 25% as a down payment. The cash remittance to SM Appliance and the consignment profit are?What is the transaction price for the following scenario: Scenario A: Tula Inc. sells $20,000 of inventory for $45,000 during the year. Tula estimates returns to be 4% of sales. Scenario B: Universe enters into a contract with a new customer for $12,000. As part of this agreement, Universe agrees to pay $4,000 to the customer to compensate the customer for up-front processing costs. A: $43,200 B: $8,000 A: $43,200 B: $12,000 A: $45,000 B: $8,000 A: $45,000 B: $12,000 None of the aboveLuke consulting enters into a contract with Holand University to restructure Holand's process for purchasing goods from suppliers. The contract states that Luke will earn a fixed fee of P25,000and earn an additional P10,000 if Holand achieves P10,000 of cost savings. Luke determines the transaction price as the expected value of expected consideration, what transsaction price will Luke estimate for this contract?
- Oriole Company sells 455 units for $290 each to Sheffield Inc. for cash. Oriole allows Sheffield to return any unused product within 30 days and receive a full refund. The cost of each product is $174. To determine the transaction price, Oriole decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the most likely amount. Using the most likely amount, Oriole estimates that ten (10) units will be returned, the costs of recovering the units will be immaterial, and the returned units are expected to be resold at a profit. What amount of refund liability should Oriole record at the time of sale? $1740 O $2900 $1160 O $0A Co. consigned eight printing machines to B Co. Each machine costs ₱1,000,000 and has a suggested retail price of ₱2,100,000. Apaid ₱200,000 in transporting the machines to the consignee’s place of business. At the end of the period, B remitted ₱8,417,500 to A representing collections on sales during the period, after deducting the following: Commission (based on sales net of commission) 20% Finder’s fee (based on commission) 5% Delivery, installation and testing (on each unit sold) ₱50,000 Materials generated from the testing were sold for ₱5,000 and included in the remittance to A Co. JENCHULICHAENG Co. appropriately reported ending inventory of ₱3,075,000 for the unsold consigned machines. a. How much is the commission earned by the consignee? b. How much profit is earned by the consignor from the sale?Saad Company is planning to purchase a machine having an invoice price of Rs. 49,000. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Company paid a Rs. 500 delivery charge, Rs. 400 installation charge, and Rs.1000 sales tax. The amount recorded as the cost of this equipment is:
- Annalise Inc., agrees to transfer television sets to Keating Co. on a consignment basis. The consignee is to sell a set at 40% gross profit and is to receive a 10% commission on sales price. The company account all the inventoriable costs before setting the selling price. The consignor agrees to reimburse the consignee for all expenses related to the consignment. The agreement also calls for an advance payment by the consignee of 20% per set based on selling price; the said advance is to be deducted as settlement is made for each set sold and returned. The consignee is to provide an account sale quarterly and is to make cash remittance for the amount owed at that time. The following consignment sales activities occurred during the October 1 to December 31 of current year:Sets shipped – 100; Manufacturing cost per set – P 12,000; Freight charges on the shipment paid by the consignor – P 60,000; The consignee made advance payments on the sets received; Advertising cost paid by the…Leo Consulting enters into a contract with Highgate University to restructure Highgate’s processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $66,000 and earn an additional $13,000 if Highgate achieves $130,000 of cost savings. Leo estimates a 70% chance that Highgate will achieve $130,000 of cost savings. Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract? Transaction price for the contract ?Spider Inc. consigned ten electric bikes costing P30,000 per bike to Web Company. Spider incurred freight of P100 per bike. Web will sell the bikes for P50,000 and will be entitled to a 15% commission on such sale. Web incurs expenses in relation to selling seven bikes to customers amounting to P5,000 which was reimbursable under the consignment agreement. How much is the net profit of Spider related to the seven bikes sold?