Find the profit for the consignor for the units sold

Assignment Help Financial Accounting

Reference no: EM132713907

On May 30, 2018, Sandy and Nino Group consigned 80 freezers to, costing P50,000 each, to Val and Rogelio Company. The cost of shipping the freezers amounted to P84,000 and was paid by Sandy and Nino Group. On December 30, 2018, a report was received from the consignee, indicating that 40 freezers had been sold for P75,000 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of P20,000, and total installation costs of P32,000 on the freezers sold.

Required:

Question a. Compute the inventory value of the units unsold in the hands of the consignee

Question b. Compute the profit for the consignor for the units sold.

Question c. Compute the amount of cash that will be remitted by the consignee.

Reference no: EM132713907

Questions Cloud

Formulate as a linear programming problem : Formulate as a linear programming problem, and solve using both the graphical or corner points solution method

Make the required journal entries on the books of summit : Make the required journal entries on the books of Summit Electronics Company and Farley Hardware for the transactions in 2019.

Evaluate the role of stress from a global perspective : Evaluate the role of stress from a global perspective. Assess the impact of biological and ecological stress on the planet and on humans.

Discuss about the delegation in practice : What does your State Board of Nursing (MA) say about Unlicensed Assistive Personnel and their role, and the role of the Registered Nurse?

Find the profit for the consignor for the units sold : On May 30, 2018, Sandy and Nino Group consigned 80 freezers to, costing P50,000 each, Compute the profit for the consignor for the units sold

Describe the process of performing an external audit : Describe the process of performing an external audit in an organization doing strategic planning for the first time. Provide at least one example

Describe the reasons for selecting the interviewees : Using the "Family Interview " template, interview your designated family member and the person from another culture. Be sure to write your responses in a way.

Steps of the company strategic planning process : What are the steps of the company's strategic planning process?

Describe the floor control and scheduling in mrp : Describe the Floor control and scheduling in Mrp?

User Account

All Pages