Question: Current Attempt in Progress On May 3, 2022, Kingbird Company consigned 90 freezers, costing $450 each, to Remmers Company. The cost of shipping the

Current Attempt in Progress On May 3, 2022, Kingbird Company consigned 90

Current Attempt in Progress On May 3, 2022, Kingbird Company consigned 90 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers amounted to $830 and was paid by Kingbird Company. On December 30, 2022, a report was received from the consignee, indicating that 45 freezers had been sold for $820 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $180, and total installation costs of $320 on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!