Reference no: EM132863251
Question 1 - Consignment Sales - Concorde International sent 15 units of computer to Hoya Appliance Center. Unit cost is P25,000 and unit selling Price P40,000. Concorde paid shipping costs of P3,750. Hoya Appliance Corp. paid reimbursable advertising costs of P5,000 and delivery charge of P500 per unit. Commission of 20% of sales was given to Hoya Appliance Corp. Hoya Appliance sold 8 computers and return 2 defective units.
Required -
a. How much is the profit on consignment?
b. Cost of Inventory end?
c. Total amount to be remitted to consignor?
d. How much is the consignment sales revenue?
Question 2 - Nuzelt Electric Company consigned 30 Lenovo computer units costing P80,000 each to Hoya Appliance Corp. on Sept 5 2019. The units were to be sold on either cash or credit basis at a commission of 15% of net sales. The consignor paid freight of P18,000 on the shipment. On Sept 11, the consignee received the items. Sales were made as follows:
Sept 15, sold 10 units for cash at P130,000 each.
Sept 28, sold 12 units for P140,000 each on account.
A sales allowance was given to charge customer for a defective unit on Sept 30. On Oct 10, a receivable balance of P70,000 was determined to be uncollectible. On Oct 15 the consignee made remittance to Nuzelt.
Required -
a. How much is the profit on consignment?
b. Cost of Inventory end?
c. Total amount to be remitted to consignor?
d. How much is the consignment sales revenue?
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