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On April 1, Mac consigned 50 handcrafted benches to Cheese. Mac's cost was $350 per bench. Total freight costs were $700, which were paid by Cheese. On August 1, Mac received a check for $14,100 from Cheese which included the following information:
Number of units sold: 20
Expenses deducted:
Freight $700
Commission (20% of sales price) ?
Advertising $450
Delivery to customers $290
Question (1) Calculate Mac's revenue from consignment from the sales of 20 benches.
Question (2) Mac will have to report benches that are NOT sold in Mac's statement of financial position. What would be the amount for inventory on consignment?
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