Malky Cooperation shipped 60 custom mufflers at a cost of $135.00 each to AKCC. The mufflers were shipped on August 1, 2021 on consignment. Malky Cooperation incurred $300 of freight related costs in shipping the mufflers to AKCC. The consignment agreement requires AKCC to sell and install the mufflers at $265.00 each to customers only within Contra Costa County. Malky Cooperation pays a $75 commission to AKCC for each muffle sold and installed. In addition, Malky Cooperation allows AKCC a monthly advertising allowance of $250. The agreement also requires AKCC to submit an accounting at the end of each month showing the sales/installations for the month and the inventory still on hand at month end. In addition to submitting the report, AKCC is required to remit full payment to Malky Cooperation for all mufflers sold/installed less commissions and monthly advertising allowance. The report received from AKCC for the month of September 2019 indicated the following. Mufflers Sold/Installed 28 Mufflers on Hand 32 Required: a. Prepare a detailed calculation showing the value of Malky Cooperation's consignment inventory at September 31st. b. Prepare a detailed calculation of Malky Cooperation's profit on its consignment inventory for the month of September. c. Prepare a detailed calculation of the amount of cash Malky Cooperation is to receive from AKCC for the month of September. d. Reconcile Malky Cooperation's cash be received, to its net profit Malky Cooperation shipped 60 custom mufflers at a cost of $135.00 each to AKCC. The mufflers were shipped on August 1, 2021 on consignment. Malky Cooperation incurred $300 of freight related costs in shipping the mufflers to AKCC. The consignment agreement requires AKCC to sell and install the mufflers at $265.00 each to customers only within Contra Costa County. Malky Cooperation pays a $75 commission to AKCC for each muffle sold and installed. In addition, Malky Cooperation allows AKCC a monthly advertising allowance of $250. The agreement also requires AKCC to submit an accounting at the end of each month showing the sales/installations for the month and the inventory still on hand at month end. In addition to submitting the report, AKCC is required to remit full payment to Malky Cooperation for all mufflers sold/installed less commissions and monthly advertising allowance. The report received from AKCC for the month of September 2019 indicated the following. Mufflers Sold/Installed 28 Mufflers on Hand 32 Required: a. Prepare a detailed calculation showing the value of Malky Cooperation's consignment inventory at September 31st. b. Prepare a detailed calculation of Malky Cooperation's profit on its consignment inventory for the month of September. c. Prepare a detailed calculation of the amount of cash Malky Cooperation is to receive from AKCC for the month of September. d. Reconcile Malky Cooperation's cash be received, to its net profit
