On 8/5/24, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350. The cost of shipping the dining sets amounted to $1,800 and was paid for by Famous Furniture. On 12/31/24, the consignee reported the sale of 30 dining sets at $850 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $600, and installation and setup costs of $780. The total profit on units sold for the consignor is $22,590.00 $10,290.00 $12,090.00 $19,890.00 a. b. C. d.
On 8/5/24, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350. The cost of shipping the dining sets amounted to $1,800 and was paid for by Famous Furniture. On 12/31/24, the consignee reported the sale of 30 dining sets at $850 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $600, and installation and setup costs of $780. The total profit on units sold for the consignor is $22,590.00 $10,290.00 $12,090.00 $19,890.00 a. b. C. d.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:H
1 On 8/5/24, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350. The cost of
2 shipping the dining sets amounted to $1,800 and was paid for by Famous Furniture. On 12/31/24, the consignee reported the sale of 30 dining sets
3 at $850 each. The consignee remitted payment for the amount due after deducting a 6 % commission, advertising expense of $600, and installation
4 and setup costs of $780. The total profit on units sold for the consignor is
5
$22,590.00
$10,290.00
$12,090.00
$19,890.00
6
7
8
19
10
a.
b.
C.
d.
L
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