1. On October 20, 2016, MICHAEL Company assigned 40 freezers to URIEL Company costing P 14,000 each for sale at P 20,000 each and paid P 16,000 in transportation costs. On December 30, 2016, URIEL reported the sale of 10 freezers and remitted P 170,000. The remittance was net of the agreed 15% commission. What amount should be reported as consignment sales revenue for 2016?

2. The following information was derived from the 2016 accounting records of WARLOCK Co.

Central Warehouse. Goods Out on Consignment

Beginning Inventory P 55,000 P 6,000

Purchases 240,000 30,000

Freight-in 5,000

Transportation to Consignees 2,500

Freight-out 15,000 4,000

Ending Inventory 72,500 10,000

WARLOCK's 2016 Cost of Sales was?

3. 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.?

4. 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:

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

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

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