Reference no: EM132812512

The account sales submitted by a consignee to Barbie Company for the month of February, 20x7 is shown below:

Sales of 6 units of P400,000 each..................P2,400,000

Less: Advance to consignor...........................P1,000,000

Advertising expense............................150,000

Commission .......................................480,000

                                                        1,630,000

Net proceeds remitted................................P770,000

Barbie Company realized a net income of P426,000 in February out of the consignment, which consisted of ten (10) units and on which freight out of P240,000 was paid upon shipment to the consignee.

Problem 1: The cost of goods sold on the consignment amounted to: