H1 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 of2 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 sets3 at $850 each. The consignee remitted payment for the amount due after deducting a 6 % commission, advertising expense of $600, and installation4 and setup costs of $780. The total profit on units sold for the consignor is5$22,590.00$10,290.00$12,090.00$19,890.006781910a.b.C.d.L

Lets understand the basics.In consignment concept, consignor provides goods for selling to…

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.

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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