On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL was to sell these on consignment at 50% above cost for a 15% commission on the sales price. After selling 200 pieces, LL had the remaining unsold units repaired for some electrical defects for which P2,000 was spent. MMM subsequently increased the selling price of the remaining units to P33,000. On January 31, LLremitted P6,498,000 to MMM after deducting 15% commission, P85,000 for delivery expenses, and P200,000 for the repair of the defective units. The consigned goods cost MMM Trading P20,000 per unit, and P900,000 was paid to ship them to LL Electrical Shop. All expenses in connection with the consignment are reimbursable to the consignee. Refer to MMM Trading. What is the total number of units sold by LL Electrical Shop? Refer to MMM Trading. What is the cost of inventory on consignment? Refer to MMM Trading. What is the amount of consignment profit to be reported by MMM Trading?
On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL was to sell these on consignment at 50% above cost for a 15% commission on the sales price. After selling 200 pieces, LL had the remaining unsold units repaired for some electrical defects for which P2,000 was spent. MMM subsequently increased the selling price of the remaining units to P33,000. On January 31, LLremitted P6,498,000 to MMM after deducting 15% commission, P85,000 for delivery expenses, and P200,000 for the repair of the defective units. The consigned goods cost MMM Trading P20,000 per unit, and P900,000 was paid to ship them to LL Electrical Shop. All expenses in connection with the consignment are reimbursable to the consignee. Refer to MMM Trading. What is the total number of units sold by LL Electrical Shop? Refer to MMM Trading. What is the cost of inventory on consignment? Refer to MMM Trading. What is the amount of consignment profit to be reported by MMM Trading?
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