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Problem - On December 1, 2018, Frankie Corporation consigned 500 video players costing P600 per units and retailing for P1,00 per unit to Lola Store' Freight cost of P5,500 were paid by the consignor. On December 21, Frankie Corp. sent a mechanic to Lola Store to install safety devices on the 200 video players which have not been sold. The cost of alteration were: parts - P4,000. labor - P4,000 and overhead of P2,000. The consignor, thereafter, increased the retail price per unit to P1,100 for the remaining 200 units. On December 31, 2018, Lola Store remitted P364500 to Frankie Corp. in full settlement to date after deducting commission of 10% {based on selling price) and P4,500 for delivery to customers.
Compute the net income of the consignor.
Assuming unsold merchandise was returned by Lola Store to Frankie Corp, how much is the cost of inventory of Frankie Corp. at the end?
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