On May 31, 2023, Sandhill Company consigned 90 freezers, costing $700 each, to Blossom Company. The cost of shipping the freezers amounted to $600 and was paid by Sandhill. On December 30, 2023, a report was received from the consignee, indicating that 45 freezers had been sold for $590 each. Remittance was made by the consignee for the amount due after deducting a commission of 4%, advertising of $290, and total installation costs of $270 on the freezers sold. (a) Calculate the inventory value of the units unsold in the hands of the consignee. Inventory value of units unsold $ eTextbook and Media

On May 31, 2023, Sandhill Company consigned 90 freezers, costing $700 each, to Blossom Company. The cost of shipping the freezers amounted to $600 and was paid by Sandhill. On December 30, 2023, a report was received from the consignee, indicating that 45 freezers had been sold for $590 each. Remittance was made by the consignee for the amount due after deducting a commission of 4%, advertising of $290, and total installation costs of $270 on the freezers sold. (a) Calculate the inventory value of the units unsold in the hands of the consignee. Inventory value of units unsold $ eTextbook and Media

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Sage Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $810 each. Remittance was made by the consignee for the amount due after deducting a commission of 5%, advertising of $ 220, and total installation costs of $ 300 on 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 %24 20460 (b) Compute the profit for the consignor for the units sold. Profit on consignment sales %24 10260 (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee %24 30260
On May 3, 2020, Blue Company consigned 70 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $920 and was paid by Blue Company. On December 30, 2020, a report was received from the consignee, indicating that 35 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $310 on 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. tA 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 $ +A
On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Sage Compay. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $ 810 each. Remittance was made by the consignee for the amount due after deducting a commission of 5%, advertising of $ 220, and total installation costs of $ 300 on the freezers sold. (Round answers to0 decimal places, eg. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value %24 (b) Compute the profit for the consignor for the units sold. Profit on consignment sales %24 (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee %24 eTextbook and Media
On May 3, 2020, Tamarisk Company consigned 80 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Tamarisk Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $670 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $300 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded…
On May 3, 2020, Flint Company consigned 80 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Flint Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $730 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $310 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded to 0…
On May 3, 2020, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $750 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $320 on the freezers sold. Instructions a. Compute the inventory value of the units unsold in the hands of the consignee. b. Compute the profit for the consignor for the units sold. c. Compute the amount of cash that will be remitted by the consignee.
On May 3, 2020, Ayayai Company consigned 90 freezers, costing $480 each, to Remmers Company. The cost of shipping the freezers amounted to $850 and was paid by Ayayai Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $330 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded to 0…
On May 3, 2020, Vaughn Company consigned 90freezers, costing $470each, to Remmers Company. The cost of shipping the freezers amounted to $870and was paid by Vaughn Company. On December 30, 2020, a report was received from the consignee, indicating that45freezers had been sold for $750each. Remittance was made by the consignee for the amount due after deducting a commission of6%, advertising of $180, and total installation costs of $310on 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 $
On May 3, 2020, Kingbird Company consigned 70freezers, costing $450each, to Remmers Company. The cost of shipping the freezers amounted to $890and was paid by Kingbird Company. On December 30, 2020, a report was received from the consignee, indicating that35freezers had been sold for $740each. Remittance was made by the consignee for the amount due after deducting a commission of6%, 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 $
ABC Co., consigned 5 dozen of stainless chairs to DEF Co. on April 1. 2021. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 2021, 36 chairs were already sold and the consignee rendered an account sale, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses Delivery and installation. P360 180 Compute for the cost of inventory on consignment in the hand of DEF Co.
ABC Co., consigned 5 dozen of stainless chairs to DEF Co. on April 1, 2021. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 2021, 36 chairs were already sold and the consignee rendered an account sale, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses P360Delivery and installation 180Compute for the cost of inventory on consignment in the hand of DEF Co.
Shrek Company consigned 100 freezers costing P50,000 each to Disney Company on January 2, 2020. The cost of shipping the freezers amounted to P85,000 and was paid by Shrek Company. On January 31, a report was received from the consignee indicating that 60 of the freezers had been sold for P75,000 each. Remittance was made by the consignee for the amount due after deducting a commission of 10%, advertising of P20,000, the installation cost of P32,000, and shipping costs for the 10 defective units of P15,000. 1. How much is the Cash Remittance? 2.how much is the Consignment Income (Loss)? 3. how much is the cost of inventory held by the consignee?