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How much is the commission earned by the consignee

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Reference no: EM132793310

Problem - Wing Co. consigned eight printing machines to Wind Co. Each machine costs P1,000,000 and has a suggested retail price of P2,100,000. Wing paid P200,000 in transporting the machines to the consignee's place of business. At the end of the period, Wind remitted P8,417,500 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) P50,000

Materials generated from the testing were sold for P5,000 and included in the remittance to Wing Co. Wing Co. appropriately reported ending inventory of P3,075,000 for the unsold consigned machines.

Required -

A. How much is the commission earned by the consignee?

B. How much profit is earned by the consignor from the sale?

Reference no: EM132793310

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