Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 3, 2020, Pharoah Company consigned 60 freezers, costing 5470 each, to Remmers Company. The cost of shipping the freeds amounted to $780 and

image text in transcribed
On May 3, 2020, Pharoah Company consigned 60 freezers, costing 5470 each, to Remmers Company. The cost of shipping the freeds amounted to $780 and was paid by Pharoah Company. On December 30, 2020, a report was received from the consignee, indicating that jo freezers had been sold for $800 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation cost 350 on the freezers sold Round syers to decimal places 5,2 (a) Compute the inventory value of the units unsold in the hands of the cons gree 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 consigne Remittance from 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

More Books

Students also viewed these Accounting questions