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. How much is the Consignment Sale? 67,830 64,980 79,800 78,005
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. How much is the Consignment Sale? 67,830 64,980 79,800 78,005
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter2: Working With The Tax Law
Section: Chapter Questions
Problem 1RP
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