Reference no: EM133051631

Question - On January 2, 2021, Pete Electrical Trading received from Makati Corp, 300 pieces of bread toasters. Pete was to sell these on consignment at 50%% above cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent P2,000. Makati subsequently increased the selling price of the remaining units to P330 per unit On January 31, 2021, Pete remitted P64,980 to Makati Corp. after deducting the 15% commission, P850 for delivery expenses of the sold units, and P2,000 for the repair of 100 units. The consigned goods cost Makati Corp. P200 per unit and P900 had been paid to ship them to Pete Electrical Trading. All expenses were reimbursable to the consignee. Listed below are the questions/requirements for this data set. Fill up your answers in the next two questions. How much is the consignment profit on the units sold? How much is the value of inventory on consignment?