Reference no: EM132776402
Wing Co. consigned eight printing machines to Wind Co. Each machine costs ?1,000,000 and has a suggested retail price of ?2,100,000. Wing paid ?200,000 in transporting the machines to the consignee's place of business.
At the end of the period, Wind remitted ?8,417,500 to Wing representing collections on sales during the period, after deducting the following:
Commission (based on sales net of commission) 20%
Finder's fee (based on commission) 5%
Delivery, installation and testing (on each unit sold) ?50,000
Materials generated from the testing were sold for ?5,000 and included in the remittance to Wing Co. Wing Co. appropriately reported ending inventory of ?3,075,000 for the unsold consigned machines.
Problem 1: How much is the commission earned by the consignee? (with solutions)
a. 1,750,000
b. 2,100,000
c. 2,250,000
d. 2,450,000
Problem 2: How much profit is earned by the consignor from the sale? (with solutions)
a. 3,642,500
b. 3,292,500
c. 3,195,500
d. 3,092,500
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