On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent ₱2,000. Marion subsequently increased the selling price of the remaining units to ₱330 per unit. On January 31, 20x1, Pete remitted ₱64,980 to Marion after deducting the 15% commission, ₱850 for delivery expenses of sold units, and ₱2,000 for the repair of 100 units. The consigned goods cost Marion Trading ₱200 per unit, and ₱900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. How much is the Consignment Sale? a. 78,005 b. 67,830 c. 79,800 d. 64,980
On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent ₱2,000. Marion subsequently increased the selling price of the remaining units to ₱330 per unit. On January 31, 20x1, Pete remitted ₱64,980 to Marion after deducting the 15% commission, ₱850 for delivery expenses of sold units, and ₱2,000 for the repair of 100 units. The consigned goods cost Marion Trading ₱200 per unit, and ₱900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. How much is the Consignment Sale? a. 78,005 b. 67,830 c. 79,800 d. 64,980
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent ₱2,000. Marion subsequently increased the selling price of the remaining units to ₱330 per unit. On January 31, 20x1, Pete remitted ₱64,980 to Marion after deducting the 15% commission, ₱850 for delivery expenses of sold units, and ₱2,000 for the repair of 100 units. The consigned goods cost Marion Trading ₱200 per unit, and ₱900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. How much is the Consignment Sale?
a. 78,005
b. 67,830
c. 79,800
d. 64,980
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education