Reference no: EM133031113

Questions -

Q1. Mark Appliances consigned 60 television sets to Mar Company on January 1, 2019 for sale at 10,800 each and paid 10,000 transportation costs. At the end of the month, Mar reported sales of 25 television sets and remitted 243,000 which is net of ten percent comission. What amount of consignment sales Revenue should be reported by Mark?

Q2. The following items were included in Maria Company's inventory account on December 31,2019: Merchandise out on consignment (at sales price, including 30% mark up on selling price) 80,000, goods purchased still in transit, FOB shipping point 54,000, goods held on consignment by Maria 23,000, goods sent out for consignment by Diego 38,000. At what amount should Maria's inventory account be reduced on December 31, 2019?

Q3. The following consignment transactions were recorded by Mark Corporation during January, 2010. Inventory received on consignment P45,000, freight paid by consignor 4,500, Inventory shipped out for consignment 57,000, freight paid by consignor 5,200. No sales of consigned goods were made during this month. What amount of consigned inventory should be included in Mark's January 31, 2010 balance sheet?