Problem 8 On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment . The cameras are to be sold at list price of P20, 000 each. The cost of each camera to the consignor is P10, 000. The cost of shipment paid by the consignor was P7, 500. The consignor agreed to absorb the consignee's expenditure for freight and also to allow the consignee P1, 000 for delivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT submitted the following summary of consignment sales: Sets received 25 Sets sold NJ 00 Sets returned to consignor 10 (defective) Sets on hand 15 October 2-30 Sales, 8 cameras @ P20, 000 P 160, 000 Charges : Freight-in P 5, 000 Deliveries and Installation 8, 000 expenses Commissions 40, 000 53, 000 Total P 107, 000 Remittance 25,000 Balance owed (collections from customers not yet made) 82, 000