Homework Answers
| 1) Freezer cost (40*540) | 21600 | ||
| shipping cost (920/80*40) | 460 | ||
| Inventory value | 22060 | ||
| 2) profit on consignment sales | |||
| sales (40*690) | 27600 | ||
| less: cost of freezer | 22060 | ||
| less: commission @6% | 1656 | ||
| less: advertising exp | 200 | ||
| less: installation exp | 350 | ||
| Profit on consignment sales | 3334 | ||
| 3) remittance from consignee | |||
| sale | 27600 | ||
| less: commission | 1656 | ||
| less: advertising exp | 200 | ||
| less: installation exp | 350 | ||
| remittance from consignee | 25394 | ||
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the
consignee.
2.
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3.
Prepare all journal entries required for the consignment
arrangement on
the books of Illuminators Inc.
4.
Prepare all journal entries required for the consignment
arrangement on
the books of Waytair Decor Ltd.
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