Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me solve this asap! Thanks in advance! On May 3, 2020, Sunland Company consigned 60 freezers, costing $ 470 each, to Remmers Company.
Please help me solve this asap! Thanks in advance!
On May 3, 2020, Sunland Company consigned 60 freezers, costing $ 470 each, to Remmers Company. The cost of shipping the freezers amounted to $ 780 and was paid by Sunland Company. On December 30, 2020, a report was received from the consignee, indicating that 30 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 costs of $ 350 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started