On May 3, 2020, Kingbird Company consigned 70freezers, costing $450each, to Remmers Company. The cost of shipping the freezersamounted to $890and was paid by Kingbird Company. On December 30, 2020, a report was received from the consignee, indicatingthat35freezers had been sold for $740each. Remittance was made by the consignee for the amount due after deducting a commissionof6%, advertising of $200, and total installation costs of $330on the freezers sold.(Round answers to O decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee.Inventory value $(b) Compute the profit for the consignor for the units sold.Profit on consignment sales $(c) Compute the amount of cash that will be remitted by the consignee.Remittance from consignee$

Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

mounted to $890and was paid by Kingbird Company. On December 30, 2020, a report w hat35freezers had been sold for $740each. Remittance was made by the consignee for t f6%, advertising of $200, and total installation costs of $330on the freezers sold.

mounted to $890and was paid by Kingbird Company. On December 30, 2020, a report w hat35freezers had been sold for $740each. Remittance was made by the consignee for t f6%, advertising of $200, and total installation costs of $330on the freezers sold.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6MC

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