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How much is the amount of remittance

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Reference no: EM133081488

Question - Lyric Company delivered 375 guitars to Music Corp on consignment agreement. Each guitar cost P2,250 and is sold for P3,750 each. Music Corp is to receive 15% commission based on the selling price of units sold. Music Corp shall provide 60% advances for the cost of the guitars and such amount shall be recovered periodically by monthly deductions (in proportion to units sold) from the remittance.

All expenses incurred by Music Corp are to be deducted monthly as incurred. The consignee submitted on account sale at the first of the month, showing the following information:

Commission 16,875.00

Advertising 5,625.00

Delivery 2,812.50

How much is the amount of remittance?

How much is the net income?

How many units of guitars were sold?

Reference no: EM133081488

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