Question: On May 3 1 , 2 0 2 3 , Crane Company consigned 1 3 0 freezers, costing $ 5 0 0 each, to Blossom

On May 31,2023, Crane Company consigned 130 freezers, costing $500 each, to Blossom Company. The cost of shipping the freezers
amounted to $620 and was paid by Crane. On December 30,2023, a report was received from the consignee, indicating that 65
freezers had been sold for $850 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%,
advertising of $430, and total installation costs of $500 on the freezers sold.
(a)
(b)
Calculate the profit for the consignor for the units sold.
Profit on consignmentsales
$
***inventory Value of units sold is $32,810****
 On May 31,2023, Crane Company consigned 130 freezers, costing $500 each,

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!