Please help with part D.
Problem 18-05 (Part Level Submission) Monty Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. Howevergiven some of its specialty products, select farm Implement stores carry Monty's products. Pricing and cost information on three of Monty's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $ 3,900 $1,800) 1,100 (700) 13,000 (11,700 ) Respond to the requirements related to the following independent revenue arrangements for Monty Ranch & Farm. (d) Your answer is partially correct. Try again. On April 25, 2020, Monty ships 90 augers to Farm Depot, a farm supply dealer in Nebraska, on consignment. By June 10, 2020, Farm Depot has sold 70 of the consigned augers at the listed price of $1,100 per unit. Farm Depot notifies Monty of the sales retains a 10% commission and remits the cash due Monty. Prepare the journal entries for Monty and Farm Depot for the consignment arrangement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Tities and Explanation Date Entries for Monty Debit Credit Apr.25.2020 No Entry Jun 30, 2020 Inventory on Consignmen Sales Revenue 09000 I cost of Goods Sold T 63000 Inventory 63000 (To record sales) Entries for Farm Depot Apr. 25, 2020 No Entry No Entry (To record consignment sales) I Cash 99000 0100 Inventory on Consignm Uneamed Service Rave (To record payment) Sun 30, 2020 "inventory on Consignment Cash Problem 18-05 (Part Level Submission) Monty Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. Howevergiven some of its specialty products, select farm Implement stores carry Monty's products. Pricing and cost information on three of Monty's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $ 3,900 $1,800) 1,100 (700) 13,000 (11,700 ) Respond to the requirements related to the following independent revenue arrangements for Monty Ranch & Farm. (d) Your answer is partially correct. Try again. On April 25, 2020, Monty ships 90 augers to Farm Depot, a farm supply dealer in Nebraska, on consignment. By June 10, 2020, Farm Depot has sold 70 of the consigned augers at the listed price of $1,100 per unit. Farm Depot notifies Monty of the sales retains a 10% commission and remits the cash due Monty. Prepare the journal entries for Monty and Farm Depot for the consignment arrangement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Tities and Explanation Date Entries for Monty Debit Credit Apr.25.2020 No Entry Jun 30, 2020 Inventory on Consignmen Sales Revenue 09000 I cost of Goods Sold T 63000 Inventory 63000 (To record sales) Entries for Farm Depot Apr. 25, 2020 No Entry No Entry (To record consignment sales) I Cash 99000 0100 Inventory on Consignm Uneamed Service Rave (To record payment) Sun 30, 2020 "inventory on Consignment Cash
