Reference no: EM133026421
Questions -
Q1. 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?
Q2. 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?
Q3. 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?
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