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Find what amount of net inventory on consignment remains

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Problem 1: EG Co. shipped inventory on consignment to Secret Co. that cost P 20,000. Secret paid P 500 for advertising that was reimbursable from EG. At the end of the year, 70% of the inventory was sold for P 30,000. The agreement states that a commission of 20% will be provided to Secret for all sales. What amount of net inventory on consignment remains on the balance sheet for the first year for EG Co.?

Reference no: EM132728286

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