GIRLAND INC. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ABA Co. Freight cost of P4,800 was paid as freight expenses by the consignor. After a month, GIRLAND received P213,030 in full settlement of the balance due. The consignor deducted a commission of P600 for each equipment sold, P270 for delivery expense and P300 for advertising expense. How many medical equipment were sold?

GIRLAND INC. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ABA Co. Freight cost of P4,800 was paid as freight expenses by the consignor. After a month, GIRLAND received P213,030 in full settlement of the balance due. The consignor deducted a commission of P600 for each equipment sold, P270 for delivery expense and P300 for advertising expense. How many medical equipment were sold?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EB: Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of...

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Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
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Big Company consigned 1,000 units of ordinary printer, costing P700 each to a consignee to be sold at P1,200 per unit. The agreement calls for 20% commission on units sold and any expenses paid by the consignee is reimbursable by the consignor. Big paid P30,000 freight and insurance of P10,000 for the shipment. At the end of the month, the consignee remitted the amount due to the consignor after deducting commission of P204,000 and advertising costs of P35,000. Record shows that 120 units were left to the consignee and some units were returned to the consignor. Big paid the cost of shipment of the returned units amounting to P15,000.1. How many units are sold? 2. how much is the Consignment Income (Loss)? 3. how much is the Cash Remittance? 4. how much is the cost of Inventory held by the consignee?