On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent P2,000. Marion subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost Marion Trading P200 per unit, and P900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. Determine the value inventory to be presented in the statement of financial position.
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- On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, vV had the remaining unsold units repaired for some electrical defects for which he spent P2,000. ABC subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 2021, VVV remitted P64,980 to ABC after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost ABC P200 per unit, and P900 had been paid to ship them to WV Shop. All expenses in connection with the consignment were reimbursable to the consignee. Determine the value inventory to be presented in the statement of financial Position.On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent P2,000. Marion subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost Marion Trading P20O per unit, and P900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. The consignment profit on the units sold was 12,200 12,880 13,000 None of theseOn January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent ₱2,000. Marion subsequently increased the selling price of the remaining units to ₱330 per unit. On January 31, 20x1, Pete remitted ₱64,980 to Marion after deducting the 15% commission, ₱850 for delivery expenses of sold units, and ₱2,000 for the repair of 100 units. The consigned goods cost Marion Trading ₱200 per unit, and ₱900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. How much is the Consignment Sale? a. 78,005 b. 67,830 c. 79,800 d. 64,980
- On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL was to sell these on consignment at 50% above cost for a 15% commission on the sales price. After selling 200 pieces, LL had the remaining unsold units repaired for some electrical defects for which P2,000 was spent. MMM subsequently increased the selling price of the remaining units to P33,000. On January 31, LLremitted P6,498,000 to MMM after deducting 15% commission, P85,000 for delivery expenses, and P200,000 for the repair of the defective units. The consigned goods cost MMM Trading P20,000 per unit, and P900,000 was paid to ship them to LL Electrical Shop. All expenses in connection with the consignment are reimbursable to the consignee. Refer to MMM Trading. What is the total number of units sold by LL Electrical Shop? Refer to MMM Trading. What is the cost of inventory on consignment? Refer to MMM Trading. What is the amount of consignment profit to be reported by MMM Trading?On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, vV had the remaining unsold units repaired for some electrical defects for which he spent P2,000. ABC subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 2021, VV remitted P64,980 to ABC after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost ABC P200 per unit, and P900 had been paid to ship them to VV Shop. All expenses in connection with the consignment were reimbursable to the consignee. Determine the value inventory to be presented in the statement of financial Position.On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, VVV had the remaining unsold units repaired for some electrical defects for which he spent P2,000. ABC subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 2021, VVV remitted P64,980 to ABC after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost ABC P200 per unit, and P900 had been paid to ship them to VVV Shop. All expenses in connection with the consignment were reimbursable to the consignee. Determine the value inventory to be presented in the statement of financial Position. Please provide a good accounting form for the solution
- On 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 ConFrom July 1 to August 30, 2020, Busy Beaver Ltd. completed the following transactions:On July 1, Busy Beaver sold 40 computers at a unit price of $3,000 to Heintoch Corp., terms1/15, n/30. Average cost for these computers was $1,500. Busy Beaver also paid the freightcosts of $3,200 cash. On July 5, Heintoch Corp. returned for full credit three damagedcomputers from the July 1 shipment. These were not returned to inventory. Heintoch agreedto pay the $240 freight cost to return the computers to Busy Beaver. On July 10, Busy Beaverreceived payment from Heintoch for the full amount owed from the July transactions. On July14, Busy Beaver purchased 50 computers on account from Correl Computers Ltd. for $1,500per unit plus freight for $4,000. On July 17, Busy Beaver sold $224,000 in computers andperipherals to Perkins Store, terms 1.5/10, n/30. Cost for these computers was $112,000. OnJuly 26, Perkins Store paid Busy Beaver for half of its July purchases. On August 30, PerkinsStore paid Busy…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?
- Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,370. The seller agreed to allow a 6.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,080. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,150. The loader operator is paid an annual salary of $11,910. The cost of the company's theft insurance policy increased by $2,090 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $9,900. Required: Determine the amount to be capitalized in an asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costsSouthwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $121,170. The seller agreed to allow a 5.50 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,650. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,070. The loader operator is paid an annual salary of $39,060. The cost of the company's theft insurance policy increased by $2,070 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $11,100. Required Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costsMJ 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