Reference no: EM132573085

TNC Manufacturing Corporation consigned ten refrigerators to Liquid Company. These refrigerators had a cost of P 180 each. Freight on the shipment was paid by TNC in the amount of P 120. Liquid Company submitted an account sales stating that it had sold six refrigerators and remitted the P 1,365 balance due TNC after the following deductions from the selling price of the refrigerators:

Commission................................................................................15% of selling price

Marketing expenses................................................................P 90

Delivery and installation of items sold............................P 60

Cartage cost paid upon receipt of consignment......P 15

REQUIRED:

Question 1. The consignee sold the 6 refrigerators for a total of

Question 2. The commission earned on the sale of the 6 refrigerators was

Question 3. The consignor's net profit from the sale of the consigned goods was