On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment.
Question:
On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month .
17. What is the total amount of remittance to consignor as of June?
A. P-0- B. P184 C. P64 D. P200
18. How much is the profit on consignment?
A. P150 B. P294 C. P140 D. None of the above
19. What is the cost of inventory on consignment?
A. P155 B. P165 C. P245 D. None of the above Con
Expert Answer:
Step 1 Consignment means where consignor send goods to consignee to be sold by la... View the full answer
