Question: Question 1 On April 15, 2020, SFC Inc. (SFC) consigned 80 units of Product A to HGL Inc. (HGL). Each unit cost SFC $450 to

Question 1

On April 15, 2020, SFC Inc. (SFC) consigned 80 units of Product A to HGL Inc. (HGL). Each unit cost SFC $450 to produce, and it cost $1,000 to ship all 80 units to HGL. On December 31, 2020, HGL reported that it had sold 40 units for $800 each, and remitted to SFC the proceeds of sales, less a 15% commission and $850 in delivery costs to customers. What profit on the consigned sales will SFC report for 2020? Assume SFC follows ASPE.

Question 1 options:

A	$7,350
B	$7,850
C	$13,500
D	$26,350

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