On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost P200,000 to CCC Co, JJJ's dealer in Davao. JJJ paid freight and insurance of P10,000 for the consigned goods. CCC Co. is entitled to reimbursement of expenses related to the consigned goods and 5% commission on sales. By the end of 2030, 4 units were sold, 1 was returned and 5 remained with CCC Co. The returned unit was shipped back to JJJ for P1,000 which CCC Co. paid. How much cost of goods sold should JJJ recognize for 2030.

On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost P200,000 to CCC Co, JJJ's dealer in Davao. JJJ paid freight and insurance of P10,000 for the consigned goods. CCC Co. is entitled to reimbursement of expenses related to the consigned goods and 5% commission on sales. By the end of 2030, 4 units were sold, 1 was returned and 5 remained with CCC Co. The returned unit was shipped back to JJJ for P1,000 which CCC Co. paid. How much cost of goods sold should JJJ recognize for 2030.

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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