Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress On May 3, 2022, Sage Company consigned 60 freezers, costing $ 470 each, to Remmers Company. The cost of shipping the

image text in transcribed

Current Attempt in Progress On May 3, 2022, Sage Company consigned 60 freezers, costing $ 470 each, to Remmers Company. The cost of shipping the freezers amounted to $ 780 and was paid by Sage Company. On December 30, 2022, a report was received from the consignee, indicating that 30 freezers had been sold for $ 800 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $ 200, and total installation costs of $ 350 on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $ ta

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

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

Describe three standard therapies for cancer treatment?

Answered: 1 week ago