The following are transactions between Cullumber Corp., the consignor, and Oriole Stores Ltd$.,$ the consignee, for the month of June

Cullumber uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the

end of each month, sales are reported by Oriole to Cullumber and a net payment is made. The agreement stipulates that Oriole is to

receive a $10\%($of sales$)$ commission and a $7\%($of sales$)$ rebate to offset its advertising expenses.

June $1$ Cullumber ships merchandise costing $$499,000$ on consignment to Oriole Stores.

June $5$ Cullumber pays the freight of $$5,500$ for the above shipment of June $1.$

June $30$ Summary entry for the month of June: Oriole sells half of the merchandise for $$670,000$ cash.

June $30$ Oriole notifies Cullumber that $50\%$ of the merchandise has been sold for $$670,000$ and remits a cheque for the

amount due under the consignment agreement. Cullumber records the receipt of the cheque from Oriole.