A O B 2 unit will be Remitted by the consignee. E6.30 (LO.9) (Consignment Sales) The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd., the consignee, for the month of June 2023. Wang uses commission and a 6% (of sales) rebate to offset its advertising expenses. separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Ren to Wang and a net payment is made. The agreement stipulates the June 1 Wang ships merchandise costing $455.000 on consignment to Ren Stores. Instructions: June 5 Wang pays the freight of $5,000 for the above shipment of June 1. June 30 Summary entry for the month of June: Ren sells half of the merchandise for $600,000 cash. June 30 Ren notifies Wang that 50% of the merchandise has been sold for $600,000 and remits a cheque for the amount due under the consignment agreeme the receipt of the cheque from Ren. a. Prepare the journal entries necessary on the books of Wang. b. Prepare the journal entries necessary on the books of Ren Stores E6.31 (LO 10) (Contract Costs) Rex's Reclaimers entered into a contract with Dan's Demolition to manage the processing of recycled materials on Dan's various demolition projects.. include collecting, sorting, and transporting reclaimed materials to recycling centres or contractors who will reuse them. Rex's incurs selling commission costs of $2,000 to obtain the com Rex's also designs and builds specialty receptacles and loading equipment that interface with Dan's demolition equipment, at a cost of $27,000. These receptacles and equipment are ret fixed fee of $12,000 per year, payable every six months, for the services under the contract. Rex's incurs the following costs: design services for the receptacles to interface with Dan's eq controllers $6,000, and special testing and health and safety inspection fees $2.000 (some of Dan's projects are on government property) Instructions a. Determine the costs that should be capitalized as part of Rex's revenue arrangement with Dan's. b. Rex's also expects to incur general and administrative costs related to this contract, as well as costs of wasted materials and labour that likely cannot be factored into the contract pri