Reference no: EM132813800
Anton Corporation delivered 150,000 bath water heaters on consignment basis to Dave Company. These water heaters cost P900,000 each, and they are advertised to sell at P1,500,000 each.
The consignee is to be allowed a commission of 15% of the selling price. The consignment agreement also stated that the consignor would draw a sight draft on the consigned for 60% of the cost of the water heaters. The advance shall be recovered periodically by the consignee through monthly deductions, in proportion to the number of units sold, from the remittances which accompany the monthly account sales. All expenses of the consignee are to be deducted monthly as incurred.
The consignee rendered an account sale at the end of the first month showing, among other things, the following information.
Advertising........................... P 2,250,000
Delivery expense.............................................................. 1,125,000
Commission............................................................ 3,375,000
Problem 1: The amount remitted by Dave Co. and the consignment profit of Anton Corp. are
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