A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each pair of slippers was P800 each, and they were priced to sell at P1,000. A Company’s commission on consigned goods is 10%. On December 31, 2021, 5 pairs remained. On December 31, 2021, what amount should be reported as payable for the consigned goods? a. 454,000 b. 404,000 c. 490,000 d. 450,000
A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each pair of slippers was P800 each, and they were priced to sell at P1,000. A Company’s commission on consigned goods is 10%. On December 31, 2021, 5 pairs remained. On December 31, 2021, what amount should be reported as payable for the consigned goods? a. 454,000 b. 404,000 c. 490,000 d. 450,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each pair of slippers was P800 each, and they were priced to sell at P1,000.
A Company’s commission on consigned goods is 10%. On December 31, 2021, 5 pairs remained.
On December 31, 2021, what amount should be reported as payable for the consigned goods?
a. 454,000
b. 404,000
c. 490,000
d. 450,000
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