Reference no: EM133038661

Questions -

Q1. Ryan Company consigned 60 television sets to Gary Corporation on January 1, 2020 for sale at $10,800 each and paid $10,000 transportation costs. At the end of the month, Gary reported sale of 25 television sets and remitted $243,000 which is net of 10% commission. How much consignment sales revenue should be reported by Ryan?

Q2. The following items were included in Dambie Corporation's inventory account on December 31, 2020: Merchandise out on consignment (at sales price, including 30% mark up on selling price) $80,000, Goods purchased still in transit, FOB Shipping Point $54,000, Goods held on consignment by Dambie $23,000, Goods sent out for consignment by Dambie $38,000. At what amount should Dambie's inventory account be reduced on December 31, 2020?

Q3. The following consignment transactions were recorded by Remy Company during January, 2011. Inventory received on consignment $45,000, Freight paid by consignor $4,500, Inventory shipped out for consignment $57,000, Freight paid by consignor $5,200. No sales of consigned goods were made during this month. How much consigned inventory should be included in Remy's January 31, 2011 balance sheet?