Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

$enter the inventory value in dollars

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

Profit on consignment sales

$enter the profit on consignment sales in dollars

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

Remittance from consignee

$enter the amount of cash that will be remitted by the consignee rounded to 0 decimal places

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

Fraud Auditing And Forensic Accounting

Authors: Tommie W Singleton, Aaron J Singleton, G Jack Bologna, Robert J Lindquist

4th Edition

047056413X, 9780470564134

More Books

Students also viewed these Accounting questions

Question

Detailed note on the contributions of F.W.Taylor

Answered: 1 week ago