How much must Hoy remit to Hey? 2. The commission of the consignee is?
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Hey Corporation consigned 400 dresses to Hoy Fashions at a suggested retail price of P500 each. Hoy paid shipping costs of P2,100 subject to subsequent settlement. Hey and Hoy agreed that any sales in excess of suggested retail price will accrue to the latter. Hoy submitted an account sale on the sale of 215 dresses, 40% of which was sold at P580 each and the rest at P640 each. Hey has a gross profit ratio of 25% on sales.
1. How much must Hoy remit to Hey?
2. The commission of the consignee is?
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- Amianan Company consigned five calculators, with cost of P800 each, to the Bisdak Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. Amianan Company paid shipping costs of P200 on the shipment. Correspondingly, Bisdak Company paid P320 on the freight of the shipment. On the last day of the year, Bisdak Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. Bisdak Company remitted all the cash due. 1. How much is the remittance of the consignee to the consignor?2. How much is the consignment profit?MJ Company consigned five calculators, with cost of P800 each, to the JM Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. The MJ Company paid shipping costs of P200 on the shipment. Correspondingly. JM Company paid P320 on the freight of the shipment. On the last day of the year, JM Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. JM Company remitted all the cash due. 6. The amount of cash remitted by JM Company is? 7. The consignment profit (loss) is? 8. The amount of inventory on consignment of MJ Company is? Thank you! Please answer completeSM Appliances consigned five electric fans, which cost P800,000 each, to Asahi Marketing Co., which was to sell them for a commission of 15% of selling price. Any accounts receivable arising from the sale of the consigned goods were to be the property of SM Appliances. SM paid trucking costs of P200,000. Asahi is to be reimbursed P170,000 for local delivery to customers. By December 31, Asahi Marketing had sold three of the fans, two for cash at P1,500,000 each and one on credit at P1,800,000, of which it had collected 25% as a down payment. The cash remittance to SM Appliance and the consignment profit are?
- Ines Company consigned twenty five (25) calculators, with cost of P800 each, to Hola Company for a commission of 10% of selling price. Ines Company paid shipping costs of P1,000 on the shipment. Correspondingly, Hola Company paid P500 on the freight of the shipment. On the last day of the year, Hola Company reported that it had sold twenty (20) of the calculators, fifteen (15) for cash at P1,500 each and five (5) on credit at P1,800 each, of which 25% was collected as down payment. Hola Company incurred P650 for delivery of the sold units and remitted all the cash due. How much is the consignment profit?BM Motors, Inc. employs 40 sales personnel to market its line of luxury automobiles. Theaverage car sells for P1,200,000 and a 6% commission is paid to the salesperson. BM Motorsis considering a change to a commission arrangement that woul d pay each salesperson a salaryof P24,000 per month plus a commission of 2% of the sales made by that salesperson.The amount of total car sales at which BM Motors would be indifferent as to which plan to selectis A. P22,500,000 C. P24,000,000B. P30,0 00,000 D. P12,000,000On August 15, 2020, Japan Ideas consigned 770 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,100 and was paid by Japan Ideas. On December 31, 2020, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $170 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission. Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2020. Calculate the profit for the consignor for the units sold at December 31, 2020. Calculate the amount of cash that will be remitted by the consignee at December 31, 2020.
- On October 2, 2020, Laplante Company sold $6,000 of its elite camping gear (with a cost of $3,600) to Lynch Outfitters. As part of the sales agreement, Laplante includes a provision that if Lynch is dissatisfied with the product, Laplante will grant an allowance on the sales price or agree to take the product back (although returns are rare, given the long-term relationship between Laplante and Lynch). Lynch expects total allowances to Lynch to be $800. On October 16, 2020, Laplante grants an allowance of $400 to Lynch because the color for some of the items delivered was a bit different than what appeared in the catalog. Instructions a. Prepare journal entries for Laplante to record (1) the sale on October 2, 2020, (2) the granting of the allowance on October 16, 2020, and, (c) any adjusting required on October 31, 2020 (when Laplante prepares financial statements). Laplante now estimates additional allowances of $250 will be granted to Lynch in the future. b. Indicate the…On January 1, 2030, KKK consigned 300 units of gaming keyboards to SSS Each keyboard costs P400 and is sold at 50% above cost. After selling 200 keyboards, the remaining 200 units were repaired for some defects for P4,000. Because of this, SSS increased the selling price by P60. At the end of the month, SSS remitted P129,960 after deducting 15% commission, and reimbursable expenses of P1700 delivery expense and the P4,000 repair of the 100 units. How many consigned units were sold?Annalise Inc., agrees to transfer television sets to Keating Co. on a consignment basis. The consignee is to sell a set at 40% gross profit and is to receive a 10% commission on sales price. The company account all the inventoriable costs before setting the selling price. The consignor agrees to reimburse the consignee for all expenses related to the consignment. The agreement also calls for an advance payment by the consignee of 20% per set based on selling price; the said advance is to be deducted as settlement is made for each set sold and returned. The consignee is to provide an account sale quarterly and is to make cash remittance for the amount owed at that time. The following consignment sales activities occurred during the October 1 to December 31 of current year:Sets shipped – 100; Manufacturing cost per set – P 12,000; Freight charges on the shipment paid by the consignor – P 60,000; The consignee made advance payments on the sets received; Advertising cost paid by the…
- Luzon Company consigned 2,000 units of calculators, costing P800 each to Vis Company to be sold at P1,500 per unit. The agreement calls for 15% commission on units sold and any expenses paid by the consignee is reimbursable by the consignor. Luzon paid P40,000 freight and insurance of P20,000 for the shipment. At the end of the month, Vis remitted the amount due to the consignor after deducting commission of P360,000 and advertising costs of P50,000. Record shows that 250 units were left to the consignee and some units were returned to the consignor. BBB paid the cost of shipment of the returned units amounting to P20,000.1.How much is the Consignment Income (Loss)? 2. how much is the Cash Remittance? 3. how much is the Ending Inventory?INTEGRITY, Inc. consigned 1,000 units of ordinary printer, costing P700 each to PUP Co. 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. INTEGRITY, Inc. paid P30,000 freight and insurance of P10,000 for the shipment. At the end of the month, PUP Co. 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. INTEGRITY, Inc. paid the cost of shipment of the returned units amounting to P15,000. What is the proper amount of net income reported by the consignor?An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.
