Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 3, 2020, Waterway Company consigned 90 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers amounted to $830 and

image text in transcribed
On May 3, 2020, Waterway Company consigned 90 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers amounted to $830 and was paid by Waterway Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $820 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $180, and total installation costs c. $32 on the freezers sold. (Round answers to 0 decimal places, eg. 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 $

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

Principles Of Cost Accounting

Authors: Robert E. Schmiedicke, Edward J. Vanderbeck

11th Edition

0538873426, 978-0538873420

More Books

Students also viewed these Accounting questions

Question

Know the differences between formal and informal organizations

Answered: 1 week ago

Question

Explain the development of human resource management (HRM)

Answered: 1 week ago