Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 3, 2022, Pronghorn Company consigned 60 freezers, costing $470 each, to Remmers Company. The cost of shipping the freezers amounted to $850 and

image text in transcribed

On May 3, 2022, Pronghorn Company consigned 60 freezers, costing $470 each, to Remmers Company. The cost of shipping the freezers amounted to $850 and was paid by Pronghorn Company. On December 30, 2022, a report was received from the consignee, indicating that 30 freezers had been sold for $680 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $190, and total installation costs of $300 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 $

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

Cost Accounting An Introduction To Cost Management Systems

Authors: Philip Jagolinzer

1st Edition

0324015828, 978-0324015829

More Books

Students also viewed these Accounting questions

Question

7 Name at least three selection methods.

Answered: 1 week ago

Question

9 What is meant by the processual approach?

Answered: 1 week ago