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TNC Manufacturing Corporation consigned ten refrigerators to Liquid Company. These refrigerators had a cost of P 180 each. Freight on the shipment was paid by TNC in the amount of P 120. Liquid Company submitted an account sales stating that it had sold six refrigerators and remitted the P 1,365 balance due TNC after the following deductions from the selling price of the refrigerators:
Commission................................................................................15% of selling price
Marketing expenses................................................................P 90
Delivery and installation of items sold............................P 60
Cartage cost paid upon receipt of consignment......P 15
REQUIRED:
Question 1. The consignee sold the 6 refrigerators for a total of
Question 2. The commission earned on the sale of the 6 refrigerators was
Question 3. The consignor's net profit from the sale of the consigned goods was
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