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What amount should alt report as payable for consigned goods

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Problem 1: On December 1, 20x1, Alt Department Store received 505 sweaters on consignment from Todd. Todd's cost for the sweaters was ?80 each, and they were priced to sell at ?100 each. Alt's commission on consigned goods is 10%. At December 31, 20x1, 5 sweaters remained. In its December 31, 20x1 balance sheet, what amount should Alt report as payable for consigned goods? (With Solutions)

a. 49,000

b. 45,400

c. 45,000

d. 40,400

Reference no: EM132776396

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