Question regarding the consignment computations

Reference no: EM13765348

(Consignment Computations)

On August 15, 2014, Japan Ideas consigned 500 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,250 and was paid by Japan Ideas. On December 31, 2014, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $160 each. Remittance was made by the consignee for the amount due, after deducting a commission of 20% commission.

Instructions

Compute the following at December 31, 2014:

(a) The inventory value of the units unsold in the hands of the consignee.

(b) The profit for the consignor for the units sold.

Reference no: EM13765348

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