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Question - Organic Company has consignment agreement with Eigen Company to sell sewing machines. PT Organic agree to give 5% from sales amount as commission fee to Eigen Company if Eigen Company can sell the sewing machine and giving more than 10% margin to Organic Company. If not, the Organic Company only gives 3% commission fee. On Febr 3, 2019 Organic Company send 125 unit with cost $600 per unit and pay 15% of delivery cost to Earth Company. Earth Company get the notification regarding the cost of product and the delivery cost from Organic company. On Dec 31, 2020 Eigen can sell 100 units of sewing machine with price $800 each. Remittance will be made by Earth Company for covering all expenses for boosting the quantity sold, such as advertising cost $25 and installation cost $50 for that period.
Required -
1. How much is inventory unsold hold by consignee?
2. How much is profit on consignment sales after Commission charge?
3. How much cash will be remitted by the consignee?
4. Explain how each party identifying the performance obligation fulfillment in applying the Revenue Recognition under IFRS (short explanation, please)?
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