Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom Manufincturing Inc shipped finlshed goods inventory with a total cost of $56,700 to FFA Pletailing ltd. on May 1. The agreement between the two.

image text in transcribed
Blossom Manufincturing Inc shipped finlshed goods inventory with a total cost of $56,700 to FFA Pletailing ltd. on May 1. The agreement between the two. companies was that FFA was to sell the product on consignment for Blossom Manufacturing. Blossom incurred $4,B00 in shipping costs in order to ship the merchandise. FFA paid a local newspaper $1,500 for advertising costs (which Blossom promised to relmburse). At September 30 , the end of the accounting year for both companies, FFA had sold 75% of the merchandise for total sales of $60,000. FFA notifled Blossom of the sales, retained a 20% commlssion, and remitted the sash due to Blossom

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Corporate Reporting Global And Diverse

Authors: Pauline Weetman, Ioannis Tsalavoutas, Paul Gordon

5th Edition

1138364991, 9781138364998

More Books

Students also viewed these Accounting questions