On August 5, 2021, Sheridan Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $ 280 each. The cost of shipping the dining sets amounted to $ 1710 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 40 dining sets at $ 780 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $ 530, and installation and setup costs of $ 710. The total profit on units sold for the consignor is $ 26378. $ 28088. $ 15520. $ 16888.

On August 5, 2021, Sheridan Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $ 280 each. The cost of shipping the dining sets amounted to $ 1710 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 40 dining sets at $ 780 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $ 530, and installation and setup costs of $ 710. The total profit on units sold for the consignor is $ 26378. $ 28088. $ 15520. $ 16888.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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