WHAT IS THE AMOUNT OF :

a. Cost of Goods Sold under the Consignment of Sale

b. Shamrock's Net Income for 2020 in connection with the consignment arrangement

c. 24/7's Net Remittance to Shamrock on December 31, 2020.

On December 1, 2020, Shamrock Inc. delivered 10 boxes of Otap bread and 10 packs of sample bread, for tasting-purposes, to 24/7 retail store on a consignment arrangement. The retail store does not take title to the products and has no obligation to pay Shamrock Inc. until they are sold to the final costumers. Any unsold products, excluding those that are lost or damages, can be returned to Shamrock Inc. and the latter has discretion to call products back or transfer products to another customer. Shamrock manufacturers the product at a cost of P5,000 per box of Otap bread and P100 per pack of sample bread. There is freight collect of $2,000 for the delivery of 10 boxes of Otap bred to 24/7 but not for the sample bread. The selling price of the Otap product is P8,000 per box for cash sales and P10,000 per box for credit sales with term of 2/10 n/30. The retail store is entitled to a 5% commission on cash sales and 10% commission on net credit sales already collected. The retail store has the right to be reimbursed for the freight it incurred for its delivery to final customers. Shamrock Inc. provides bad debt expense at an estimate of 8% based on ending receivables. For the month ended December 31, 2020, 24/7 retail store was able to sell to final consumers 3 boxes of Otap bread on cash basis and 5 boxes of Otap bread on account. There is freight prepaid of P3,000 for the delivery of boxes of Otap bread to final consumers. Also, five packs of sample bread were consumed by final costumers during the tasting period. The costumers on account paid to 24/7 three out of five boxes sold on credit within the discount period but the remainder continued to be unpaid as of December 31, 2020. On December 31, 2020, 24/7 Retail Store made its net remittance to Shamrock Inc