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Question - Aircon, Inc. consigned ten one-horsepower air conditioning units to Argy Trading and paid 2,000 for the freight. The consignee is allowed a commission of 5% on sales. Argy Trading submitted the following report at the end of the period:
Sales (6 units)
72,000
Less: Advances to Aircon, Inc.
10,000
Selling expenses
800
Installation and delivery
1,200
Commission
7,200
19,200
Net remittance
52,800
The selling expenses and the installation and delivery costs are chargeable to Aircon. Aircon consistently marks-up its inventories at a 12.50% gross profit rate based on sales price. This does not reflect any freight. How much was Aircon's profit or loss on the consignment?
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