On August 15, 2023, Japan Ideas consigned 750 electronic play systems, costing $100 each, to Wildhorse 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 Correct Answer (Used) Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2023. 4 Inventory value of the units unsold $ 33,572
On August 15, 2023, Japan Ideas consigned 750 electronic play systems, costing $100 each, to Wildhorse 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 Correct Answer (Used) Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2023. 4 Inventory value of the units unsold $ 33,572
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:On August 15, 2023, Japan Ideas consigned 750 electronic play systems, costing $100 each, to Wildhorse 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
Correct Answer (Used)
Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2023.
4
Inventory value of the units unsold
$
33,572
Transcribed Image Text:Calculate the profit for the consignor for the units sold at December 31, 2023.
Profit $
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