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On May 15, 2020, Cherry Company received a shipment of merchandise with a selling price of P100,000 from Pie Company. The consigned goods cost Pie Company P70,000 and freight charges of P5,000 had been paid to ship the goods to Cherry Company. The consignment arrangement provided for a sale of merchandise on credit with terms of 2/10, n/30. The 15% commission is to be based on the gross accounts receivable collected by the consignee. Cash discounts taken by customers, expenses applicable to goods on consignment and any form of cash advanced to the consignor are deductible from the remittance by the consignee.
Question:
Problem 1. The amount remitted by Cherry to Pie on June 30, 2020 was:
Problem 2. The net profit on consignment was:
Problem 3. The inventory on consignment was:
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