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On August 15, 2020, Japan Ideas consigned 750 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,500 and was paid by Japan Ideas. On December 31, 2020, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $150 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission.
Problem 1: Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2020.
Problem 2: Calculate the profit for the consignor for the units sold at December 31, 2020.
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