Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 31, 2020, Wildhorse Company consigned 80 freezers, costing $700 each, to Swifty Company. The cost of shipping the freezers amounted to $720 and

image text in transcribed
On May 31, 2020, Wildhorse Company consigned 80 freezers, costing $700 each, to Swifty Company. The cost of shipping the freezers amounted to $720 and was paid by Wildhorse Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $890 each. Remittance was made by the consignee for the amount due after deducting a commission of 4%, advertising of $240, and total installation costs of $440 on the freezers sold Your answer is correct Calculate the inventory value of the units unsold in the hands of the consignee. Inventory value of units unsold 28360 eTextbook and Media * Your answer is incorrect Calculate the profit for the consignor for the units sold. Profit on consignment sales 3712 eTextbook and Media Your answer is correct Calculate the amount of cash that will be remitted by the consignee Remittance from consignee $ 33496 e Textbook and Media

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_2

Step: 3

blur-text-image_3

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

Accounting For Payroll

Authors: Steven M. Bragg

1st Edition

0471251089, 9780471251088

More Books

Students also viewed these Accounting questions