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How much was Aircon profit or loss on the consignment

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Reference no: EM133080034

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?

Reference no: EM133080034

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