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On May 3, 2020, Tamarisk Company consigned 80 freezers, costing $540 each, to Remmers Company. The...

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On May 3, 2020, Tamarisk Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freez

On May 3, 2020, Tamarisk Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freezers amounted to $920 and was paid by Tamarisk Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $690 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $350 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 $

Answers

1) Freezer cost (40*540) 21600
shipping cost (920/80*40) 460
Inventory value 22060
2) profit on consignment sales
sales (40*690) 27600
less: cost of freezer 22060
less: commission @6% 1656
less: advertising exp 200
less: installation exp 350
Profit on consignment sales 3334
3) remittance from consignee
sale 27600
less: commission 1656
less: advertising exp 200
less: installation exp 350
remittance from consignee 25394

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