Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On August 15, 2023, Japan Ideas consigned 600 electronic play systems, costing $100 each, to Ivanhoe Toys Company. The cost of shipping the play systems
On August 15, 2023, Japan Ideas consigned 600 electronic play systems, costing $100 each, to Ivanhoe Toys Company. The cost of shipping the play systems amounted to $1,500 and was paid by Japan Ideas. On December 31,2023 , an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $160 each. Remittance was made by the consignee for the amount due, after deducting a 20\% commission. (a) Your answer is correct. Calculate the inventory value of the units unsold in the hands of the consignee at December 31,2023. Inventory value of the units unsold $ eTextbook and Media List of Accounts Attempts: unlimited (b) Calculate the profit for the consignor for the units sold at December 31, 2023. Calculate the amount of cash that will be remitted by the consignee at December 31, 2023. Remittance $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started