During a sale, insulation for heating ducts is purchased from a distributor.Theinsulation is valued at $675, and there is a 25% discount. Find the sale priceof the insulation.
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During a sale, insulation for heating ducts is purchased from a distributor.The
insulation is valued at $675, and there is a 25% discount. Find the sale price
of the insulation.
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Solved in 2 steps
- Kurt's Krafts purchases hand woven rugs from a local artisan for $690 each. The rugs are marked up by 40% based on the selling price. The retail price of the rugs will be $1,150. True or FalseKindness Company regularly buys sweaters and is allowed a trade discount of 20% and 10%. The entity made a purchase on March 20 and received an invoice with a list price of P900,000, a freight charge of P50,000, and payment terms of net 30 days. What is the cost of the purchase?A distributor of artistic iron-based fixtures acquires a piece for $1,000, terms FOB shipping point. Additional costs in obtaining it and offering it for sale include $150 for transportation-in, $300 for import duties, $100 for insurance during shipment, $200 for advertising, a $50 voluntary gratuity to the delivery person, $75 for enhanced store lighting, and $250 for sales staff salaries. For computing inventory, what cost is assigned to this artistic piece?
- An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is 30%, 20%, and 5% with terms of 2/10 as of April 1, FOB retailers distribution center, and shipping charges of $30 pre-paid by the vendor. There is a quantity discount of 1% on orders of $5000 and a 2% discount on orders of $7500 or more. What amount should be paid if the buyer purchase $10,000(list price) worth of merch ?A vacuum is priced at $396 with an allowed trade-in of $115 on an old unit. If sales tax of 6(3)/(4)% is charged on the price of the new vacuum unit before the trade-in, find the total cost to the customer after receiving the trade-in.On August 5, 2020, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350 each. The cost of shipping the dining sets amounted to $1,800 and was paid for by Famous Furniture. On December 30, 2020, the consignee reported the sale of 30 dining sets at $850 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $600, and installation and setup costs of $780. What is the amount of cash received by Famous furniture? What is the amount of the total profit on units sold for the consignor?
- The Wilson Publishing Company ships 4-volume sets of Management Encyclopedia to book dealers on consignment. The sets are to be sold at an advertised price of P4,950. The estimated cost per set is P2,500. Consignees are allowed a commission of 30% of the sales price and are to be reimbursed for the cartage relating to consigned goods. On December 8, 2009, 100 sets were sent to the Cora Book Store on consignment. The consignor estimated that packing charges of P850 were related to the books shipped. The shipment cost paid by the consignor was P2,000. The consignee paid P300 for the cartage on sets received. Sixty sets were sold on December 31. Both consignee and consignor take physical inventories and adjust and close their books at year end. Required: Prepare an account sales to be submitted by the consignee at the end of December. Give the journal entries for December on the books of the consignee Give the journal entries for December on the books of the consignorOn May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month . 17. What is the total amount of remittance to consignor as of June? A. P-0- B. P184 C. P64 D. P200 18. How much is the profit on consignment? A. P150 B. P294 C. P140 D. None of the above 19. What is the cost of inventory on consignment? A. P155 B. P165 C. P245 D. None of the above ConApex Consignment sells items over the internet for individuals on a consignment basis. Apex receives the items from the owner, lists them for sale on the internet, and receives a 25 percent commission for any items sold. Apex collects the full amount from the buyer and pays the net amount after commission to the owner. Unsold items are returned to the owner after 90 days. During 2009, Apex had the following information: • Total sales price of items sold during 2009 on consignment was €2,000,000. • Total commissions retained by Apex during 2009 for these items was €500,000. How much revenue should Apex report on its 2009 income statement? C . €1,500,000.
- Apex Consignment sells items over the internet for individuals on a consignment basis. Apex receives the items from the owner, lists them for sale on the internet, and receives a 25 percent commission for any items sold. Apex collects the full amount from the buyer and pays the net amount after commission to the owner. Unsold items are returned to the owner after 90 days. During 2009, Apex had the following information: • Total sales price of items sold during 2009 on consignment was €2,000,000. • Total commissions retained by Apex during 2009 for these items was €500,000. How much revenue should Apex report on its 2009 income statement? A . €500,000.A specialty shop procures several antique clocks for $5,000 apiece and offers them to customers for $7,150 each. What is the mark-up, as a percentage?A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $25,000, but the supplier gave J.K. Builders a 12 percent discount. J.K. Builders has not yet received the $22,000 bill from the supplier. Record the transaction. In a general journal
