A Consignor shipped 100 units of its inventories to the consignee on consignment. Each unit costs P450 and has a standard retail price of P750. The 100 units had a freight-in charge of P3,750. After a month, the consignee returned 10 units of inventory and remitted P32,850 to the consignor with an account sales with the following items included: Commission of 20% Cartage on consigned goods, P750 Marketing expenses, P1,500 Delivery to customer and installation, P900. 1. How many units were sold by the consignee? 2. How much is the cost of inventory still on consignment at the end of the month? 3. How much is the total consignment profit (loss) by the consignor?

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Purchase material are calculated as-  Material used + ending inventory - beginning inventory

Q: Sohar Manufacturing plans to produce 27000 units, and 20000 units, respectively, in October, and…

A: A direct materials purchases budget calculates what proportion of material is needed for purchase to…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Formula: Overvaluation of branch inventory account = Cost of goods sold x Mark up percentage

Q: Marwick’s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of…

A: preparation of traditional format income statement and contribution format income statement for…

Q: Stark, Inc., placed an order for inventory costing 500,000 FC with a foreign vendor on April 15 when…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: MedLab Inc. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ACC Co.…

A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…

Q: Ralpha company is selling a product of $35 per unit. The estimated sales in units would be March,…

A: A budget is the projected financial statements of an organization for a specific period of time in…

Q: Octopus Company provides you with the following information regarding its inventory Maximum lead…

A: a) Economic order quantity  or EOQ  is the optimal quantity  of inventory to be ordered. EOQ helps…

Q: The following information for Dorado Corporation relates to the three-month period ending September…

A: Particulars Amount Beginning inventory (35,000*$18) $630,000 Add: Purchases (400,000*$24)…

Q: Hapsburg Manufacturing purchases components produced by Little Company in the manufacture of its…

A: This question require us to find total ordering cost. For finding that,  First we need to find how…

Q: The following information for Dorado Corporation relates to the three-month period ending September…

A: 1.

Q: The trial balance of Esplanade Company showed inventories of P164,000. The inventories include some…

A: Defective goods: Improperly packaged or faulty goods are those that do not conform to the contract.…

Q: A Consignor shipped 100 units of its inventories to the consignee on consignment. Each unit costs…

A: Consignment: Products consignment is a commercial arrangement in which a company, referred to as a…

Q: Stark, Inc., placed an order for inventory costing 500,000 FC with a foreign vendor on April 15 when…

A: Given: Cost of inventory = 500000 FC Discount rate = 6 %

Q: Scouts Corp. projects its sales to be 1,000 units this year. As a result of holding inventories,…

A:

Q: Leimersheim GmbH has adopted the following policies regarding merchandise purchases and inventory.At…

A: The purchase budget is prepared to measure the estimated purchase during the month, quarter or year.…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment.…

A:

Q: Minmax Processing Company has an average requirement of 5 boxes of its product per week. It has been…

A: Lead Time is equal to time gap between placement of order & receiving the Material. When Lead…

Q: On May 1, 20x4, TV Inc. consigned 80 VCD players to Ed's TV. The VCD player cost P270. Freight on…

A: Total sales value = amount remitted + Freight + advertising expense + delivery expense + 20%…

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: home office transfer to branch @50% above cost beginning inventory = 15000 shipments from home…

Q: Publisher Co. delivers 1,000 books to Bookstore Co. under a consignment arrangement. The cost per…

A: WORKING :   1. SALES : AMOUNT REMITS= SALES (1.02) - SALE X COMMISSION - SALE X TAX RATE  $245,700 =…

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: The ending inventory is calculated as difference between units available for sale and units sold.

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: Ending inventory units are calculated as difference between units available for sale and units sold.…

Q: Shadee Corp. expects to sell 600 sun visors in May and 440 in June Each visor sells for $14Shadee's…

A: The budget process involves an estimation of expected expenses or revenues relating to a particular…

Q: WFU Corporation expects to have the sales and expenses shown for August, September,and October. The…

A: Budgeting is an important part of the business process. Without budgeting a business cannot track…

Q: Juan Gabriel Company manufactures bath towels. The production comprises 70% of Class A, and 30% of…

A: In relative sales volume we allocate joint costs on basis of sales price of the products.

Q: The following inventory date have been established for Warriors Company: Order must be placed in…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Vincenzo Cassano Company sells one product, which it purchases from various  suppliers. The trial…

A: The cost of goods sold means the cost of producing the goods which are being sold by the…

Q: Corey's Campus Store has P50,000 of inventory on hand at the beginning of the month. During the…

A: The inventory refers to the items and merchandise meant to be sold in order to earn profit. The…

Q: 27. In December, Brown Company shipped 20 books on consignment to booksellers. The consignor…

A:

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Amount of raw materials purchased on credit for the month of July = Amount of raw materials used  +…

Q: State Company manufactured a machine at a cost of $80,000. The product is sold for $88,000 at a 5%…

A: Inventory is defined as the tangible goods which are meant to be sold by the company with a motive…

Q: Crawford Steel Corp. buys inventory of 40,000 units annually. The purchase price per unit is $3.00…

A: Inventory Management: Inventory management tools like the economic order quantity, the reorder level…

Q: A Consignor shipped 100 units of its inventories to the consignee on consignment. Each unit costs.…

A:

Q: οUESTIONΟΝΕ At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory…

A: Bartleby's Guideline: Thanks for the Question “Since you have asked multiple question, we will solve…

Q: 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of…

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is…

Q: The trailer company exspects to sell 9000 for $155 each for a total  of $1,395,000 in January and…

A: The inventory formula is as follows Opening Inventory+ Additions= Closing Inventory+ Cost of goods…

Q: GIRLAND INC. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ABA Co.…

A: Solution:- Calculation of how many medical equipment were sold as follows under:- According to the…

Q: Shadee Corp. expects to sell 570 sun visors in May and 310 in June. Each visor sells for $15.…

A: Calculation of estimated cash receipts from cash sales and credit sales is very important section of…

Q: Medlab Inc. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ACC Co.…

A: Amount paid to MedLab is computed by subtracting the total expenses from the total sales. The total…

Q: Monster Co. submits the following information on account sales: Account Sales: November 30, 2010…

A: Consignment: It is a process wherein the goods are sent out by the owner to a person called agent…

Q: On October 05, 20x4, PPG Trading Co. consigned 30 computer units, costing P8000 each to Pampanga…

A: Consignment Sales In the consignment sales business consignor send the goods to the consignee for…

Q: JENNY Processing Company is engaged in the manufacture of rattan furniture primarily designed for…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: gned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November…

A: The consignor needs to record the gross amount of goods sold to the customer at the time of transfer…

Q: On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The…

A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…

Q: Claremont Company sells refurbished coplers. During the month, the company sold 175 coplers at an…

A: The budgeted sales can be calculated by multiplying expected sales by the average price per copy.

Q: The Wilson Publishing Company ships 4-volume sets of Management Encyclopedia to book dealers on…

A: Answer - 1 Calculation of an account sales to be submitted by the consignee at the end of December:…

Q: Philacor, Inc. consigned twelve refrigerators to Ocampo’s Emporium. The refrigerators cost P6,000…

A: Given that, Credit sales made by consignee = 5 units @ P7700 each. Freight paid by consignor = P720…