On March 1, 2022 the Consignor (PT Fabelio) sent 150 units of minimalist cabinets to the...

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On March 1, 2022 the Consignor (PT Fabelio) sent 150 units of minimalist cabinets to the Consignee (Karya Furniture) on the basis of consignment sales. The selling price of 1 set of cabinets is Rp 9,000,000, and the cost is Rp 5,000,000. Shipping costs incurred by the Consignor are Rp 15,000,000. The consignor agrees to reimburse all costs incurred by the consignee relating to the sale of the minimalist cabinet consignment and agrees to give a consignee commission of 20% of the selling price. The consignor also agreed to reimburse a packing expense of Rp 100,000 for each unit sold. Karya Furniture sends Sales Reports related to consignment sales as follows: Sets received Sets sold Sets returned to consignor (defective) Sets on hand Sales: 100 sets at Rp9,000,000 Charges: Freight in Packing expense @Rp100,000 Returned expense Commissions, 20% of sales 100 10 150 Remittance enclosed Balance owed (collections from customers not yet made) 110 Rp 20,000,000 Rp 10,000,000 Rp 3,000,000 Rp180,000,000 40 Rp900,000,000 Rp213,000,000 Rp687,000,000 Rp400,000,000 Rp287,000,000 Instructions: Prepare all of the entries that would be made at the end of March 2022 on (1) the consignee's books and (2) the consignor's books, if that consignment profits are separately determined by both parties (Please give the supported calculation for determined consignment profits)! On March 1, 2022 the Consignor (PT Fabelio) sent 150 units of minimalist cabinets to the Consignee (Karya Furniture) on the basis of consignment sales. The selling price of 1 set of cabinets is Rp 9,000,000, and the cost is Rp 5,000,000. Shipping costs incurred by the Consignor are Rp 15,000,000. The consignor agrees to reimburse all costs incurred by the consignee relating to the sale of the minimalist cabinet consignment and agrees to give a consignee commission of 20% of the selling price. The consignor also agreed to reimburse a packing expense of Rp 100,000 for each unit sold. Karya Furniture sends Sales Reports related to consignment sales as follows: Sets received Sets sold Sets returned to consignor (defective) Sets on hand Sales: 100 sets at Rp9,000,000 Charges: Freight in Packing expense @Rp100,000 Returned expense Commissions, 20% of sales 100 10 150 Remittance enclosed Balance owed (collections from customers not yet made) 110 Rp 20,000,000 Rp 10,000,000 Rp 3,000,000 Rp180,000,000 40 Rp900,000,000 Rp213,000,000 Rp687,000,000 Rp400,000,000 Rp287,000,000 Instructions: Prepare all of the entries that would be made at the end of March 2022 on (1) the consignee's books and (2) the consignor's books, if that consignment profits are separately determined by both parties (Please give the supported calculation for determined consignment profits)!

Answer rating: 100% (QA)

Consignees Books 1 Inventory EndingRp 400000000 2 Accou... View the full answer