PROBLEM AND REQUIREMENTS: On October 1, CLARK Co shapped 25 camerasconsignment.P20,000 each.P10,000. The cost of shipment paid by the consignor was P7,500.The consignor agreeđ to absorb the consignee's expenditure forfreight and also to allow the consignee P1,000 for delivery andinstallation for each set.price.consignment sales;toKENT Inc onThe cameras are to be sold at list price ofThe cost of 'each camera to the consignor isCommission is to be 25% of the salesOn October 31, KENT submitted the following summary oʻSets receivèdSets soldSets returned to(defective)Sets on hand258.consignor 21015P 160,000October 2-30 sales, 8 cameras @ P20,000Charges:Freight-inDeliveries and Installation5,0008,000expensesCommissions40,00053,000P 107,00025,000TotalRemittanceBalance owed (collections fromcustomers not yet made)82,000What is the inventory value of the units unsold in the hands ofthe consignee?A. 150,000В. 153,000c. 154,500D. 157,500What is the profit of the consignor for the units sold?A. 24,000в. 26,000C. 27,000D. 70,000

On October 1, consignment. P20,000 each. P10,000. The consignor agreed to absorb the consignee's expenditure for freight and also to allow the consignee P1,000 for delivery and installation fo each set. price. consignment sales; Co shapped 25 cameras are cost of each CLARK cameras be sold to KENT Inc on list price of to the consignor is The cost of shipment paid by the consignor was P7,500. The to at The camera Commission is to be 25% of the sales On October 31, KENT Submitted the following summary of Sets receivèd Sets sold Sets (defective) Sets on hand 25 8. returned to consignor 2 10 15 P 160,000 October 2-30 Sales, 8 cameras @ P20,000 Charges: Freight-in Deliveries and Installation 5,000 8,000 expenses Commissions 53,000 P 107,000 25,000 40,000 Total Remittance Balance owed (collections from customers not yet made) 82,000 What is the inventory value of the units unsold in the hands of the consignee? 150,000 C. 154,500 D. 157,500 А. B. 153,000 What is the profit of the consignor for the units sold? 24,000 B. 26,000 C. 27,000 D. 70,000 А.

On October 1, consignment. P20,000 each. P10,000. The consignor agreed to absorb the consignee's expenditure for freight and also to allow the consignee P1,000 for delivery and installation fo each set. price. consignment sales; Co shapped 25 cameras are cost of each CLARK cameras be sold to KENT Inc on list price of to the consignor is The cost of shipment paid by the consignor was P7,500. The to at The camera Commission is to be 25% of the sales On October 31, KENT Submitted the following summary of Sets receivèd Sets sold Sets (defective) Sets on hand 25 8. returned to consignor 2 10 15 P 160,000 October 2-30 Sales, 8 cameras @ P20,000 Charges: Freight-in Deliveries and Installation 5,000 8,000 expenses Commissions 53,000 P 107,000 25,000 40,000 Total Remittance Balance owed (collections from customers not yet made) 82,000 What is the inventory value of the units unsold in the hands of the consignee? 150,000 C. 154,500 D. 157,500 А. B. 153,000 What is the profit of the consignor for the units sold? 24,000 B. 26,000 C. 27,000 D. 70,000 А.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment. The cameras are to be sold at list price of P20,000 each. The cost of each camera to the consignor is P10,000. The cost of shipment paid by the consignor was P7,500. The consignor agreed to absorb the consignee’s expenditure for freight and also to allow the consignee P1,000 for delivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT submitted the following summary of consignment sales: Sets received 25 Sets sold 8 Sets returned to consignor (defective) 2 10 Sets on hand 15 October 2-30 sales, 8 cameras@20,000 160,0000 Charges: Freight in 5,000 Deliveries and installation expenses 8,000 Commissions 40,000 53,000 Total 107,000 Remittance 25,000 Balance owed (collections from customers not yet made ) 82,000 What is the inventory value of the units unsold in the hands of the consignee?A. 150,000 C.…
On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment. The cameras are to be sold at list price of P20,000 each. The cost of each camera to the consignor is P10,000. The cost of shipment paid by the consignor was P7,500. The consignor agreed to absorb the consignee’s expenditure for freight and also to allow the consignee P1,000 for delivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT submitted the following summary of consignment sales: Sets received 25 Sets sold 8 Sets returned to consignor (defective) 2 10 Sets on hand 15 October 2-30 sales, 8 cameras@20,000 160,0000 Charges: Freight in 5,000 Deliveries and installation expenses 8,000 Commissions 40,000 53,000 Total 107,000 Remittance 25,000 Balance owed (collections from customers not yet made ) 82,000 What is the profit of the consignor for the units sold?
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?
Big Company consigned 1,000 units of ordinary printer, costing P700 each to a consignee 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. Big paid P30,000 freight and insurance of P10,000 for the shipment. At the end of the month, the consignee 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. Big paid the cost of shipment of the returned units amounting to P15,000.1. How many units are sold? 2. how much is the Consignment Income (Loss)? 3. how much is the Cash Remittance? 4. how much is the cost of Inventory held by the consignee?
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 Company consigned 2,000 units of special equipment, costing P1,200 each to Honesty Company to be sold at P1,600 per unit. The agreement calls for 15% commission on units sold and any expenses paid by the consignee is reimbursable by the consignor. Integrity paid P20,000 freight and insurance of P10,000 for the shipment. At the end of the month, Honesty remitted the amount due to the consignor after deducting commission of P360,000 and advertising costs of P20,000. Record shows that 300 units were left to the consignee and some units were returned to the consignor. Integrity paid the cost of shipment of the returned units amounting to P5,000.Determine the consignment income.
ABC Co., consigned 5 dozen of stainless chairs to DEF Co. on April 1, 2021. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 2021, 36 chairs were already sold and the consignee rendered an account sale, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses P360Delivery and installation 180Compute for the cost of inventory on consignment in the hand of DEF Co.
On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aura to be sold at P15,000 each. The consignee is to be allowed a 15% commission. Lala Home Store incurred P15,000 in shipping the 150 units. The agreement requires that SM Aura will advance 50% of the cost of the oven, to be applied to periodic remittances in proportion to the units sold. Any expenses related to the consigned units incurred by SM Aura are also deductible from the remittance. On October 31, 20x1, SM Aura rendered an account sale that includes the following deductions: Advertising costs, P15,000; delivery expenses to customers of P350 per unit; commission of P146,250. REQUIRED: Amount remitted to Lala Home Store
On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aura to be sold at P15,000 each. The consignee is to be allowed a 15% commission. Lala Home Store incurred P15,000 in shipping the 150 units. The agreement requires that SM Aura will advance 50% of the cost of the oven, to be applied to periodic remittances in proportion to the units sold. Any expenses related to the consigned units incurred by SM Aura are also deductible from the remittance. On October 31, 20x1, SM Aura rendered an account sale that includes the following deductions: Advertising costs, P15,000; delivery expenses to customers of P350 per unit; commission of P146,250. Amount remitted to Lala Home Store
On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aurato be sold at P15,000 each. The consignee is to be allowed a 15% commission. Lala Home Store incurredP15,000 in shipping the 150 units. The agreement requires that SM Aura will advance 50% of the cost of theoven, to be applied to periodic remittances in proportion to the units sold. Any expenses related to theconsigned units incurred by SM Aura are also deductible from the remittance. On October 31, 20x1, SM Aurarendered an account sale that includes the following deductions: Advertising costs, P15,000; deliveryexpenses to customers of P350 per unit; commission of P146,250.REQUIRED:6. Amount remitted to Lala Home Store ____________
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
CSGNR Inc. purchased 100,000 units costing P1,000,000, and paid P10,000 freight for its shipment. After a day, the company consigned these goods to OIEE Inc. stating that the consignee is entitled to10% of the revenue from all sold units. The shipment from the consignor to the consignee amounted toP5,000 with payment terms freight collect. With a standard retail price of P19, the consignee remitted a total of P1,306,000. Other notable expenses paid by the consignee on the consignor’s behalf wereP12,000 advertising expense, P3,000 delivery charges to customers, P7,800 installation fee on the customer’s premises. How much was the cost of goods still out on consignment? A. 220,000 B. 221,100 C. 222,200 D. 223,300