Homework Help is Here – Start Your Trial Now!
Business
Accounting
hipping the play systems amoun eceived from the consignee, rep he amount due, after deducting

hipping the play systems amoun eceived from the consignee, rep he amount due, after deducting

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Sh6

On August 15, 2023, Japan Ideas consigned 650 electronic play systems, costing $100 each, to Cullumber Toys Company. The cost of shipping the play systems amounted to $1,300 and was paid by Japan Ideas. On December 31, 2023, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $160 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission. (a) Your answer is incorrect. Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2023. Inventory value of the units unsold $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer
Transcribed Image Text:On August 15, 2023, Japan Ideas consigned 650 electronic play systems, costing $100 each, to Cullumber Toys Company. The cost of shipping the play systems amounted to $1,300 and was paid by Japan Ideas. On December 31, 2023, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $160 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission. (a) Your answer is incorrect. Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2023. Inventory value of the units unsold $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS