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Find profit on consignment and cost of inventory

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On June 1, Taiwan Sales Co. shipped 25 radio sets to India Store on consignment, sets to be sold at an advertised price of P200,000. The cost of each set to the consignor was P100,000. The cost of shipment paid by the consignor was P75,000. Commission is to be 25% of sales price. During the month, two sets were returned. On June 30, India Store reported sales of 8 sets and expenses incurred of P80,000; and remitted the net proceeds due.

Problem 1: The profit on consignment and cost of inventory on consignment are:

Reference no: EM132788400

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