Question
On August 5, 2021, Ivanhoe Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $370 each.
On August 5, 2021, Ivanhoe Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $370 each. The cost of shipping the dining sets amounted to $1820 and was paid for by Ivanhoe Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $870 each. The consignee remitted payment for the amount due after deducting a 5% commission, advertising expense of $620, and installation and setup costs of $800. The total profit on units sold for the consignor is
$10910.
$21555.
$23375.
$12275.
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