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Compute what amount should reported as consignment sales

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Problem 1: On October 20, 2016, MICHAEL Company assigned 40 freezers to URIEL Company costing P 14,000 each for sale at P 20,000 each and paid P 16,000 in transportation costs. On December 30, 2016, URIEL reported the sale of 10 freezers and remitted P 170,000. The remittance was net of the agreed 15% commission. What amount should be reported as consignment sales revenue for 2016?

Reference no: EM132728281

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