Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 3, 2020, Bramble Company consigned 90 freezers, costing $470 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and

On May 3, 2020, Bramble Company consigned 90 freezers, costing $470 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Bramble Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $750 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 $310 on the freezers sold.

(a) Compute the inventory value of the units unsold in the hands of the consignee.

(b) Compute the profit for the consignor for the units sold.

(c) Compute the amount of cash that will be remitted by the consignee.

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

Step: 3

blur-text-image

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

International Accounting

Authors: Frederick D. Choi, Gary K. Meek

6th edition

131588141, 978-0131588141

More Books

Students also viewed these Accounting questions

Question

What overseas coverage is provided?

Answered: 1 week ago