Question
On May 3, 2017, Sheffield Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freezers amounted to $820 and
On May 3, 2017, Sheffield Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freezers amounted to $820 and was paid by Sheffield Company. On December 30, 2017, a report was received from the consignee, indicating that 40 freezers had been sold for $700 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $180, and total installation costs of $350 on the freezers sold. (Round answers to 0 decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $
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