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Problem: On May 3, 2020, Bramble Company consigned 90 freezers, costing $460 each, to Remmers Company. The cost of shipping the freezers amounted to $910 and was paid by Bramble Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $690 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $290 on the freezers sold.
Required:
Question 1: Compute the inventory value of the units unsold in the hands of the consignee.
Question 2: Compute the profit for the consignor for the units sold.
Question 3: Compute the amount of cash that will be remitted by the consignee.
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