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Antonio Company delivered 150 portable gas stoves to Devon Company on consignment. These stoves cost $2,700 each and could be sold for $4,500. The consignee is to be allowed a commission of 15% of the selling price. The agreement for the consignment contract stated that Antonio Company would draw a sight draft on the consignee for 60% of the cost of the stoves and the advance shall be recovered periodically by monthly deductions (in proportion to units sold) from the remittances which accompany the account sales. All expenses of the consignee are to be deducted monthly as incurred. The consignee rendered an Account Sales at the end of the first month showing among others, the following information: Advertising $6,750; Delivery Expense $3,375 and Commission $10,135.
Problem 1: What amount is remitted by Devon to Antonio for the first month?
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