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Question - On May 31, 2020, Ivanhoe Company consigned 60 freezers, costing $700 each, to Bridgeport Company. The cost of shipping the freezers amounted to $600 and was paid by Ivanhoe Company. On December 30, 2020, a report was received from the consignee, indicating that 30 freezers had been sold for $1,010 each. Remittance was made by the consignee for the amount due after deducting a commission of 4%, advertising of $240, and total installation costs of $340 on the freezers sold.
Required -
1. Calculate the inventory value of the units unsold in the hands of the consignee.
2. Calculate the profit for the consignor for the units sold.
3. Calculate the amount of cash that will be remitted by the consignee.
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