On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost P200,000 to CCC Co, JJJ's dealer in Davao. JJJ paid freight and insurance of P10,000 for the consigned goods. CCC Co. is entitled to reimbursement of expenses related to the consigned goods and 5% commission on sales. By the end of 2030, 4 units were sold, 1 was returned and 5 remained with CCC Co. The returned unit was shipped back to JJJ for P1,000 which CCC Co. paid. How much cost of goods sold should JJJ recognize for 2030.

On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost P200,000 to CCC Co, JJJ's dealer in Davao. JJJ paid freight and insurance of P10,000 for the consigned goods. CCC Co. is entitled to reimbursement of expenses related to the consigned goods and 5% commission on sales. By the end of 2030, 4 units were sold, 1 was returned and 5 remained with CCC Co. The returned unit was shipped back to JJJ for P1,000 which CCC Co. paid. How much cost of goods sold should JJJ recognize for 2030.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6MC

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On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost P200,000 to CCC Co, JJJ’s dealer in Davao. JJJ paid freight and insurance of P10,000 for the consigned goods. CCC Co. is entitled to reimbursement of expenses related to the consigned goods and 5% commission on sales. By the end of 2030, 4 units were sold, 1 was returned and 5 remained with CCC Co. The returned unit was shipped back to JJJ for P1,000 which CCC Co. paid. How much cost of goods sold should JJJ recognize for 2030.
On May 2, 2019 PIONEER, PHILS INC. Ships ten (10) Compact Disc Stereo to KALIDAD Appliance Center. Each Stereo system costs P10,000 and is to be sold at an advertised price of P14,000. PIONEER Paid freight in the amount of P1,200 while KALIDAD incurred a cartage of P500, which is reimbursable. The consignee is entitled to a commission of 20% of the authorized selling price. The Consignee sold all the units and remitted the balance due to the consignor along with the account sales. Required: 1. Prepare the account sales
On May 2, 2019 PIONEER, PHILS INC. Ships ten (10) Compact Disc Stereo to KALIDAD Appliance Center. Each Stereo system costs P10,000 and is to be sold at an advertised price of P14,000. PIONEER Paid freight in the amount of P1,200 while KALIDAD incurred a cartage of P500, which is reimbursable. The consignee is entitled to a commission of 20% of the authorized selling price. The Consignee sold all the units and remitted the balance due to the consignor along with the account sales. Required: 1. Prepare the journal entries in the books of hte consignee 2. Prepare the account sales
On May 2, 2019 PIONEER, PHILS INC. Ships ten (10) Compact Disc Stereo to KALIDAD Appliance Center. Each Stereo system costs P10,000 and is to be sold at an advertised price of P14,000. PIONEER Paid freight in the amount of P1,200 while KALIDAD incurred a cartage of P500, which is reimbursable. The consignee is entitled to a commission of 20% of the authorized selling price. The Consignee sold all the units and remitted the balance due to the consignor along with the account sales. Required: 1. Prepare the journal entries in the books of the consignee
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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 complete
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