Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 6-22 On May 31, 2017, Ivanhoe Company consigned 70 freezers, costing $700 each, to Bridgeport Company. The cost of shipping the freezers amounted to

image text in transcribed
Exercise 6-22 On May 31, 2017, Ivanhoe Company consigned 70 freezers, costing $700 each, to Bridgeport Company. The cost of shipping the freezers amounted to $630 and was paid by Ivanhoe Company. On December 30, 2017, a report was received from the consignee, indicating that 35 freezers had been sold for $1,010 each. Remittance was made by the consignee for the amount due after deducting a commission of 8%, advertising of $220, and total installation costs of $310 on the freezers sold. Calculate the inventory value of the units unsold in the hands of the consignee. Inventory value of units unsold Calculate the profit for the consignor for the units sold. Profit on consignment sales s Calculate the amount of cash that will be remitted by the consignee Remittance from consignee

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

Payroll Accounting 2018

Authors: Jeanette Landin, Paulette Schirmer

4th edition

1260005127, 1259742514, 1260005165, 126000516X, 978-1259742514

More Books

Students also viewed these Accounting questions

Question

In what ways do viral genomes differ from those of cells?

Answered: 1 week ago

Question

Praises, recognizes and values everyones contributions and effort.

Answered: 1 week ago