Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Darwin Corp consigned 60 units of motors to Inigo Corp. on May 1, 2030. Each motor cost P6,000 and Darwin paid P30,000 for the shipment

Darwin Corp consigned 60 units of motors to Inigo Corp. on May 1, 2030. Each motor cost P6,000 and Darwin paid P30,000 for the shipment Inigo Corp. On May 20, 2030, 36 units were sold and the consignee submitted an account sales, and remitted the balance due to Darwin Corp. in the amount of P279,000 after deducting the following charges: Commission, 15% of selling price (unknown); Selling expenses 18,000; Delivery and installation of items sold 9,000. How much is the cost of inventory on consignment in the hands of Inigo Corp? Question 1Answer P144,000 P216,000 P156,000 P174,000

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_2

Step: 3

blur-text-image_3

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

Fraud Examination

Authors: W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman

5th edition

1305079140, 978-1305079144

More Books

Students also viewed these Accounting questions

Question

Repeat Problem 3.19 for the case of 2-methylbutane.

Answered: 1 week ago