Compute the ff:1. Total Sales2. Cost of Sales3. Consignment profit4. Value of Inventory on Consignment On January 1, 2010, Ace Hardware received from Do-It-Yourself Shop 300 piecesof microwave ovens. Ace Hardware was to sell these on consignment at 50%above cost per piece, and to receive 15% commission on the selling price. Afterselling 200 units, Ace Hardware had the remaining unsold units repaired for someelectrical defects and spent P2,000 for the said repairs. Do-It-Yourself Shopconsequently increased the selling price of the remaining units to P330 per unit.On January 31, Ace Hardware remitted P64,980 to Do-It-Yourself Shop afterdeducting 15% commission, P850 for delivery expenses of sold units, and P2,000for the repair of 100 units. The consigned goods cost Do-It-Yourself Shop P200 perunit and shipping costs of P900 had been paid to ship to Ace Hardware. Allexpenses in connection with the consignment were reimbursable to theconsignee.

Consignment : It is the way of business to sell the goods, in this process goods send by the owner…

January 1, 2010, Ace Hardware received from Do-It-Yourself Shop 300 pieces nicrowave ovens. Ace Hardware was to sell these on consignment at 50% ve cost per piece, and to receive 15% commission on the selling price. After ng 200 units, Ace Hardware had the remaining unsold units repaired for some trical defects and spent P2,000 for the said repairs. Do-It-Yourself Shop

January 1, 2010, Ace Hardware received from Do-It-Yourself Shop 300 pieces nicrowave ovens. Ace Hardware was to sell these on consignment at 50% ve cost per piece, and to receive 15% commission on the selling price. After ng 200 units, Ace Hardware had the remaining unsold units repaired for some trical defects and spent P2,000 for the said repairs. Do-It-Yourself Shop

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which method results in a balance sheet valuation of inventory method farthest away from its economic value? Select one: a. FIFO b. LIFO c. Weighted Average PreviousSave AnswersNext
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