Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aura to be sold at P15,000

image text in transcribed

On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aura to be sold at P15,000 each. The consignee is to be allowed a 15% commission. Lala Home Store incurred P15,000 in shipping the 150 units. The agreement requires that SM Aura will advance 50% of the cost of the oven, to be applied to periodic remittances in proportion to the units sold. Any expenses related to the consigned units incurred by SM Aura are also deductible from the remittance. On October 31, 20x1, SM Aura rendered an account sale that includes the following deductions: Advertising costs, P15,000; delivery expenses to customers of P350 per unit; commission of P146,250. REQUIRED: 6. Amount remitted to Lala Home Store

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

Human Resource Management

Authors: Jean M. Phillips, Stanley M. Gully

1st edition

1111533555, 978-1111533557

More Books

Students also viewed these Accounting questions

Question

List nine characteristics of a learning organisation.

Answered: 1 week ago