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Questions -
Q1) On October 1, 2020, Metawin Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Metawin policy in setting its selling price is 160% mark-up on cost. Freight on shipment was paid by JAA Company for P12,000. Any costs incurred by the consignee in relation to the consigned goods are all reimbursable. On December 17, JAA Inc. submitted an account sales and remitted P230,400 after deducting 12% commissions, selling expense of P10,000 and any reimbursable cost. How much is the net income?
Q2) For items 2 and 3, use the data in #1 and assume further that 50% of the remaining posters were returned to Metawin incurring freight of P5,000. Half of the returned goods were lost during the shipment. How much is the total loss and/or expenses accounted by Metawin in relation to the consignment other than the Cost of Goods Sold?
Q3) Determine the cost of ending inventory.
instructionsa journalize the closing entries at april 30.b post the closing entries to income summary and retained
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